Property deals in Dubai are reaching preposterous price marks and we aren’t surprised. From Apartments to Mansions to commercial properties everything is been sold at an implausible price range. For instance, an iconic property on Sheikh Zayed Road was sold for a whopping AED252 million. The Pepsi factory is a considerable landmark which had an outlandish deal recently.
Dubai Pepsi Factory Sold For A Whopping AED252 Million
Dubai Refreshment used the renowned Al Quoz 1 land as its manufacturing, warehouse, and headquarters for all Pepsi-related products, including Lays and Aquafina. The Al Quoz property was left vacant as a result of the company moving its activities to a new location in Dubai Investment Park II.
Al Futtaim Private Company will purchase Dubai Refreshment’s Al Quoz 1 land for a total of AED252 million ($68.6 million) in cash.
The transaction took place on Monday, June 26, and Dubai Refreshment filed a report at the Dubai Financial Market (DFM) detailing it. At the general meeting on June 14, the shareholders gave their approval.
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Why Was It Sold?
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The company holders confirmed that the company is no longer fully operational. Hence to avoid loss, the company holders decided to sell out the property to Al Futtaim Group, which is considered to be one of the most successful companies in Dubai.
The sale is anticipated to be included in the company’s financial statements as a one-time gain. In the second quarter of 2023, it will be recorded in the company’s books. The business served a wide range of customers by bottling and distributing ice cream, water, fruit-flavoured and energy drinks, carbonated beverages, iced tea, and other beverages. Its geographic reach is further widened by the abundance of vending machine outlets throughout the UAE. Dubai Refreshments was considered to be an A-listed company until 2022 in the Emirates.
With a market value of Dh1.35 billion and an annual dividend payment frequency, Dubai Refreshment offers a dividend yield of 4.67 percent last year. Additionally, payments were made by the firm throughout the pandemic.
What a drastic turn the company took! A well-earning company took a decision to sell out the plot.
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