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Iconic Dubai landmark sold for whopping Dh252 million

The deal was signed on June 23 and was closed on June 26, according to details available on the Dubai Financial Market website

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Photo for illustrative purposes only.
by

Somshankar Bandyopadhyay

Published: Wed 28 Jun 2023, 4:05 PM

Last updated: Wed 28 Jun 2023, 9:57 PM

The iconic Pepsi factory on Sheikh Zayed Road in Dubai, one of the city’s most recognisable landmarks, may be consigned to the pages of history soon.

Dubai Refreshment PJSC, the company that owns the premises and the bottler of the US beverage major’s products in the UAE, has sold the land to Al Futtaim Private Company LLC. The plot was used by the company as the factory, warehouse and offices for all Pepsi-related brands.

The deal was signed on June 23 and was closed on June 26, according to details available on the Dubai Financial Market website.

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In an announcement to the Dubai Financial Market on June 26, Dubai Refreshment said that the property has been sold for Dh252 million. The reason for the sale is that the company no longer fully uses the plot of land and has moved its facilities to Dubai Investments Park 2.

“Since the company no longer fully utilises the property, the shareholders have decided to sell it under the conditions specified in the resolution of the general assembly held on June 14, 2023,” Dubai Refreshment said in the DFM disclosure.

The sale is expected to be reflected as a one-time gain in the company’s finances.

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Somshankar Bandyopadhyay

Published: Wed 28 Jun 2023, 4:05 PM

Last updated: Wed 28 Jun 2023, 9:57 PM

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