New Residential Development and Notice of Results

Dar Global PLC

30 August 2023

 

30 August 2023

Dar Global PLC

("Dar Global" or "the Group")

New Residential Development and Notice of Results

DAR GLOBAL AND MISSONI PARTNER TO LAUNCH MAREA, INTERIORS BY MISSONI, THE EXCLUSIVE RESIDENTIAL DEVELOPMENT PROJECT IN THE SOUTH OF SPAIN

·    Project valued at approximately €70 million GDV, bringing Group's Spanish portfolio total to c. €350 million.

·    18,500 sq m of development, with the projected completion date set for June 2027.

·    Follows significant interest for Dar Global's ultra luxury Tierra Viva development in Marbella, launched in June this year.

·    Showcases Dar Global's commitment to Europe and further progress in delivering on its ambitious growth strategy across international markets.

Dar Global, the luxury international real estate developer, and Missoni are pleased to announce the launch of Marea, interiors by Missoni, the exclusive residential development project located in the exclusive community of Cortesin, Casares - a short distance from the South of Spain's prime golf, equestrian, and beach destinations including the city of Marbella and two of the Mediterranean's most prominent marinas - Puerto Banús and Sotogrande.

Following the launch of Dar Global's Urban Oasis Tower by Missoni in Dubai, Marea, interiors by Missoni is the second partnership with the luxury Italian fashion house. The project is set to deliver a range of prime two, three and four-bed apartments, situated in the immediate vicinity of the prestigious Finca Cortesin hotel and golf club.

These contemporary Mediterranean residences will target internationally mobile customers who seek out unique investment opportunities in the luxury residential market. Dar Global's partnership with Missoni marks significant progress on the Group's growth and development journey as it continues to deliver real estate projects comprising second and vacation homes across some of the world's most desirable locations - such as the Costa del Sol region.

Marea, interiors by Missoni is Dar Global's second project launched in Spain in the past three months, having launched the ultra luxury villas at Tierra Viva, in Benahavis in June this year. With a combined project GDV of approximately €350 million in Spain, Dar Global continues to penetrate the residential market in the region, delivering on its ambitious global growth plans.

Commenting on the launch of Marea, interiors by Missoni, Ziad El Chaar, CEO of Dar Global, said:

"We are thrilled to be partnering with world-renowned fashion brand Missoni and to deliver exclusive residences in the highly desirable location of Cortesin in the South of Spain. The launch of Tierra Viva in June this year has seen strong demand from our customers across Europe, the Middle East and Asia and consequently, we are excited to provide the market with a second new and exciting luxury living development in the region."

Livio Proli, Missoni CEO, commented: 

"We're delighted to be working with Dar Global on the Marea, interiors by Missoni real estate project, and are excited to be furnishing these incredible apartments with the finest fabrics and design, which will give the Mediterranean residences a unique and original finish. Our creative team has come together to design bespoke luxury interiors that perfectly compliment the apartment's natural surroundings".

Notice of Results

In addition, the Company intends to announce its Half Year financial results for the six months ended 30 June 2023 on 28 September 2023. 

-ENDS-

For further enquiries, please contact:

Dar Global
May Chaker	[e-mail]
Powerscourt	[phone]
Justin Griffiths / Nick Dibden / Louisa Henry	[e-mail]

NOTES TO EDITORS

About Marea, interiors by Missoni

Marea, interiors by Missoni is the second of Dar Global's projects in partnership with Italian luxury fashion house Missoni. Located in the vicinity of Finca Cortesin on the Costa del Sol, these exclusive residences are unique investment opportunities for those customers looking for super-prime, luxury real estate in Spain.

About Dar Global

Dar Global PLC is a highly differentiated international real estate business. It focuses predominantly on developing real estate projects comprising second homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Europe, including downtown Dubai, Muscat in Oman and the Costa del Sol region in the South of Spain. 

Dar Global was originally established to house and develop the international (non-Kingdom of Saudi Arabia based) assets of Dar Al Arkan Real Estate Development PJSC ("DAARE"), a leading real estate developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has delivered over 15,300 residential units with total assets of c. US$8.6 billion.

The Group intends to expand its focus to hospitality assets. The aim is to acquire or build hotels and sell them after a period of three to five years of operation once the hotels or resorts' revenue streams stabilise. Target markets include Southern Spain, Dubai, Maldives, Athens and London.

Dar Global was admitted to the Main Market of the London Stock Exchange on 28 February 2023.

Please visit www.DarGlobal.co.uk

About Missoni

Missoni, renowned for its excellence in Italian fashion, was founded in 1953 by Ottavio and Rosita Missoni. In 2018, a partnership was formed with the Italian Strategic Fund in an effort to further enhance the reputation and notoriety of the brand, as well as the company's potential for significant growth.

www.missoni.it

 

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