LADERA RANCH, Calif.–(BUSINESS WIRE)–SmartStop Self Storage REIT, Inc. (“SmartStop” or the “Company”), a self-managed and fully integrated self storage company, announced today it was named a top corporate solar user in 2022 by the Solar Energy Industries Association (SEIA). SmartStop ranked in the top one percent in the number of solar installations at its owned and managed properties. In addition, SmartStop ranked in the top six percent for solar adoption capacity (in megawatts) among the more than 5,000 businesses surveyed.

SEIA, the national trade association for the solar and storage industry, tracks and analyzes commercial solar adoption in the U.S. in its Solar Means Business 2022 report. According to the report released on November 29, 2022, American companies are installing record levels of solar to power their operations and now account for 14% of all installed solar capacity in the United States.

“SmartStop strives to be a leader in environmental sustainability and values the recognition of the SEIA,” said H. Michael Schwartz, Chairman and CEO of SmartStop. “Several years ago, we recognized that we could make an impact by powering our locations using renewable, clean energy.” said Schwartz. “We plan to continue the expansion of our solar program with installations at existing and newly acquired facilities across the country, and it’s a win-win because it improves profitability for our stockholders.”

SmartStop recognizes the importance of minimizing the impact of its operations on the environment and integrating environmental considerations into its business practices. SmartStop has implemented several energy-saving and waste-reduction initiatives along with solar panels. The majority of SmartStop locations feature interior motion-sensing lights, and energy-saving LED lights are used throughout the interiors and exteriors. SmartStop’s technology platform allows customers to use the company’s website or call center to generate paperless reservations and rentals.

“Solar Means Business highlights the incredible flexibility of solar, whether it’s installed on a warehouse roof, on a carport or at an offsite facility, showing the various ways that companies are meeting their needs with clean, affordable energy,” said SEIA president and CEO Abigail Ross Hopper.

Solar Means Business tracks over 47,000 corporate solar installations nationwide, which combined generate enough electricity to power 3.2 million homes and offset 20.4 million metric tons of CO2 annually. Total commercial solar installations are expected to double again over the next three years with nearly 27 GW of offsite corporate solar projects scheduled to come online by 2025.

About SmartStop Self Storage REIT, Inc. (SmartStop):

SmartStop Self Storage REIT, Inc. (“SmartStop”) is a self-managed REIT with a fully integrated operations team of approximately 450 self storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self storage programs. As of November 30, 2022, SmartStop has an owned or managed portfolio of 176 properties in 22 states and Ontario, Canada, comprising approximately 120,600 units and 13.7 million rentable square feet. SmartStop and its affiliates own or manage 20 operating self storage properties in the Greater Toronto Area, which total approximately 17,050 units and 1.7 million rentable square feet. Additional information regarding SmartStop is available at www.smartstopselfstorage.com.

Contacts

David Corak
VP of Corporate Finance

SmartStop Self Storage REIT, Inc.

949-542-3331

IR@smartstop.com

The New Real Estate Tech Company is Making Luxury Vacation Home Ownership Accessible for Canadians Through Unique Co-Ownership Model

VANCOUVER, British Columbia–(BUSINESS WIRE)–Today, Canada’s luxury vacation home co-ownership company, wecasa, officially launches. The real estate technology business has announced its first two Canadian properties in British Columbia, ahead of several additional properties in BC and Ontario in the coming months. Starting today, Canadians can co-own homes in Whistler and the Okanagan. Each home can be shared by a minimum of two and a maximum of eight wecasa owners. In contrast to traditional timeshares and many other forms of fractional ownership, wecasa owners share ownership of a distinct luxury home. When they’re finished enjoying their vacation home, they can sell their ownership and receive the benefit of any appreciation in the value of the property.

Co-ownership of fully managed second homes is a fast-growing category in the US – fuelled by unprecedented demand for leisure properties from remote workers and retiring boomers. wecasa is the first company to solve the unique regulatory and financing challenges in Canada to bring the proven second home co-ownership model to local buyers and properties. Unlike owning a second home all to yourself, wecasa provides a full-service, tech enabled solution that manages the property and removes the burden of maintenance and budgeting.

Currently, most luxury second homes sit empty for the majority of the time, meanwhile demand for second homes has never been higher. wecasa aims to solve this long-term supply and demand imbalance by allowing existing owners to right-size their ownership in their second home to the amount of time they use.

“At wecasa, we see an opportunity to fundamentally change the way Canadian vacation property is owned by offering a superior ownership experience for a fraction of the price through fully managed co-ownership,” said Mark Proudfoot, Co-founder and CEO of wecasa. “We believe that systemic shifts like flexible work and baby boomers retiring at unprecedented rates will continue to create growing demand for a finite amount of second home inventory. By introducing co-ownership to the Canadian market, we will increase the utilization of high-cost luxury homes, which in turn will reduce the number of buyers competing for single-family vacation dwellings at more affordable price points.”

wecasa aims to be Canada’s number one choice for vacation home ownership. The company is partnering with leading real estate agents to acquire elevated second homes in the most desired locations and is rolling out an agent partnership program to incentivize agents to introduce their clients to wecasa.

wecasa’s exclusive new properties include:

1. Whistler: A gorgeous, architecturally designed mountain home is the ideal year-round luxury retreat. The 5,200 sqft oasis sits on a 16,000 sqft lot with expansive views of Whistler Blackcomb. The outdoor living space boasts a large pool and hot tub with built-in heaters throughout. The luxury home includes five main bedrooms, seven baths and a two bedroom suite, making it the perfect escape for family and friends.
2. Naramata: Surrounded by vineyards and orchards, the quiet village of Naramata offers artisan shops, wineries, a farmers market and beautiful beaches and parks located just across the street from this brand new development. The main level offers a bright open floor plan with a modern kitchen, dining area, cozy living space, and powder room. The massive private roof top comes complete with open and closed patio areas, an outdoor kitchen, a gas fireplace, and breathtaking views of Okanagan lake.

To learn more about wecasa’s brand new listings, including how to become a co-owner, please visit: https://www.we.casa/

About wecasa

wecasa is a real estate tech company that helps people own luxury second homes for a fraction of the price and without the traditional hassles of ownership. They do this through a tech-enabled co-ownership model that’s designed specifically for Canadians. The company was founded in 2021 by Mark Proudfoot and Alex Conconi, and is backed by a core group of entrepreneurs and real estate experts who are passionate about making the future of living and working better. For more information visit: https://www.we.casa/

Contacts

Media
Dan Gamble

dan@dg-pr.com
778-873-0422

—Transaction values the Company at a $550 million post-money equity valuation¹

—Upon closing, will be the first pure-play parking owner of scale to be publicly listed

—Diversified portfolio of assets comprising 15,750 parking spaces across 44 facilities and 22 distinct markets

—Fifth Wall Acquisition Corp. III is an affiliate of Fifth Wall, the largest venture capital firm focused on the built world with $3.2B of assets under management

—Mobile Infrastructure Corp. to benefit from Fifth Wall’s ecosystem of institutional real estate partners and access to technology solutions

NEW YORK–(BUSINESS WIRE)–Fifth Wall Acquisition Corp. III (NASDAQ: FWAC) (“FWAC”), a special purpose acquisition company (SPAC) sponsored by an affiliate of Fifth Wall, the largest venture capital firm focused on technology for the built world, announced today that it entered into a definitive business combination agreement with Mobile Infrastructure Corp. (“MIC” or the “Company”), one of the largest institutional-quality, mobility-focused parking asset owners in the U.S. Upon the closing of this transaction, the combined company expects to be publicly traded on the New York Stock Exchange under the ticker “BEEP.”

Founded in 2015, MIC has established an industry-leading reputation acquiring under-managed parking facilities in the nation’s top 50 metropolitan statistical areas (MSAs) and implementing a variety of asset management initiatives to unlock embedded upside. MIC is led by an experienced management team with long-standing parking industry relationships. MIC’s strategically diversified portfolio currently includes 44 parking facilities in 22 markets.

Company & Industry Highlights

• Attractive Cash Flow Characteristics: Parking features an attractive revenue profile combining both recurring monthly contracts as well as weekly, daily, and hourly arrangements which provide a natural inflationary hedge through adjustable rates. Assets in the MIC portfolio benefit from a diverse set of demand drivers in high traffic central business districts. MIC’s parking assets have minimal ongoing operating expenses and low recurring capital expenditures.
• Experienced Management Team: MIC is led by an experienced management team with over 40 years of combined industry experience and relationships in the parking industry, including the former CEO of Parking Company of America.
• Growth Opportunities through Active Asset Management: Parking is an industry that has historically underinvested in technology and asset management initiatives. MIC utilizes proprietary technology to maximize revenue and profitability through customer data collection, dynamic rate optimization, and demand strategies. Additionally, MIC has established percentage of rent operator leases which align incentives and capture significant contribution margin on growth.
• Fragmented Industry Ripe for Consolidation: Ownership of parking assets is highly fragmented with the vast majority of industry assets held by small local owner-operators, who generally own between one to five properties in a specific market. Additionally, supply is naturally constrained due to onerous zoning restrictions and scarcity of land in urban downtown environments, creating a favorable backdrop for consolidation and growth. Expected proceeds from the transaction will provide capital for external growth and future expansion and allow MIC to accelerate the execution of its acquisition pipeline.

Management Comments

Manuel Chavez, Chief Executive Officer and Chairman of MIC, said, “Today marks an important step in our path towards creating a next-generation publicly-listed parking platform. Fifth Wall’s vast expertise bridging the gap between analog businesses and technologies, combined with their network of limited partners who represent the world’s top real estate owners and operators, make them an integral partner in our next growth phase.”

Jeff Osher, Managing Partner of No Street Capital, and MIC Director, commented, “As the largest shareholder of MIC, I’m thrilled that we not only found the right partner in FWAC, but also an aligned incentive structure that is conducive to the creation of meaningful shareholder value over time. Our enthusiasm about MIC’s combination with FWAC is reflected in No Street’s commitment to invest an additional $10 million in a PIPE transaction.”

Brad Greiwe, Co-Founder and Managing Partner at Fifth Wall, shared, “Fifth Wall has long evaluated the landscape of parking owner-operators and the technologies applicable to those businesses. It was evident that Mobile Infrastructure has the right portfolio, management team, operator relationships and track record to redefine and usher the industry into the future.”

As part of the business combination, Greiwe is expected to join MIC’s Board of Directors.

Transaction Overview

The business combination values the combined company at a post-money equity valuation of approximately $550 million assuming no public shareholders of FWAC exercise their redemption rights.

The combined company is expected to have up to approximately $276 million in cash at closing, including $275 million of cash held in FWAC from its initial public offering on May 27, 2021 (assuming no redemptions by FWAC’s public shareholders and prior to the payment of transaction expenses). The transaction is further supported by a $10 million PIPE investment from No Street Capital, an existing MIC shareholder.

MIC and FWAC are aligning long-term interests. FWAC’s sponsor has agreed to defer a portion of its founder shares in an earn-out with vesting at significant premiums to FWAC’s current share price, while MIC’s CEO has elected to receive 100% of his 2023 compensation in stock. In addition, a portion of the FWAC Sponsor’s founder shares will be cancelled for no consideration. The combined company will have significant insider ownership, and MIC’s existing investors are rolling 100% of their equity in the transaction. Additionally, no SPAC warrants have been issued, and as a result, shareholders will benefit from less dilution and a simplified capital structure.

The transaction has been unanimously approved by the Boards of Directors of both MIC and FWAC. The transaction is expected to close in the second quarter of 2023, subject to the satisfaction of customary closing conditions, including the approval of shareholders of both parties.

Additional information about the proposed transaction, including a copy of the merger agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by FWAC and Mobile Infrastructure Corporation with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov.

Advisors

Venable LLP and Keating Muething & Klekamp PLL are serving as legal counsel to Mobile Infrastructure Corporation. B. Riley is rendering a fairness opinion to the Company.

Gibson, Dunn & Crutcher LLP is serving as legal counsel to Fifth Wall Acquisition Corp. III.

About Fifth Wall Acquisition Corp. III

Fifth Wall Acquisition Corp. III is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

About Mobile Infrastructure Corporation:

Mobile Infrastructure is an internally-managed, publicly registered, non-listed company that invests primarily in parking lots and garages in the United States. As of September 30, 2022, it owned 44 parking facilities located in 22 separate markets throughout the United States, with a total of 15,750 parking spaces and approximately 5.4 million square feet and approximately 0.2 million square feet of commercial space adjacent to its parking facilities. For more information, please visit www.mobileit.com.

Additional Information

This document relates to the proposed merger involving Fifth Wall Acquisition Corp. III (“FWAC”) and Mobile Infrastructure Corp. (“MIC”). FWAC intends to file a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”), which will include a joint proxy statement of FWAC and MIC and that will constitute a prospectus of FWAC, referred to as a joint proxy statement/prospectus, and each party will file other documents with the SEC regarding the proposed transaction. A definitive joint proxy statement/prospectus will also be sent to the stockholders of FWAC and MIC, seeking any required stockholder approvals. Investors and security holders of FWAC and MIC are urged to carefully read the entire joint proxy statement/prospectus, when it becomes available, and any other relevant documents filed with the SEC, as well as any amendments or supplements to these documents, because they will contain important information about the proposed transaction. The documents filed by FWAC and MIC with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. Alternatively, documents filed by FWAC, when available, can be obtained free of charge from FWAC upon written request to Fifth Wall Acquisition Corp. III, 6060 Center Drive, 10th Floor, Los Angeles, California 90045, and documents filed by MIC, when available, can be obtained free of charge from MIC upon written request to Mobile Infrastructure Corporation, 30 W 4th Street, Cincinnati, Ohio 45202.

Participants in the Solicitation

FWAC, MIC and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in favor of the approval of the merger and related matters. Information regarding FWAC’s directors and executive officers is contained in the section of FWAC’s final IPO prospectus titled “Management”, which was filed with the SEC on May 26, 2021, and information regarding MIC’s directors and executive officers is contained in the section of MIC’s Annual Report on Form 10-K titled “Directors, Executive Officers and Corporate Governance”, which was filed with the SEC on March 30, 2022. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

No Offer or Solicitation

This document does not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed transaction. This document also does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor will there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not limited to, FWAC’s and MIC’s expectations or predictions of future financial or business performance or conditions, MIC’s assets or operations, the anticipated benefits of the proposed transaction, the expected composition of the management team and board of directors following the transaction, the expected use of capital following the transaction, including MIC’s ability to accomplish the initiatives outlined above, the expected timing of the closing of the transaction and the expected cash balance of the combined company following the closing. Any forward-looking statements herein are based solely on the expectations or predictions of FWAC or MIC and do not express the expectations, predictions or opinions of Fifth Wall in any way. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “predicts,” “forecasts,” “may,” “will,” “could,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “potential,” “intends” or “continue” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in the section of FWAC’s Annual Report on Form 10-K titled “Risk Factors,” which was filed with the SEC on March 30, 2022, and in the section of MIC’s Annual Report on Form 10-K titled “Risk Factors,” which was filed with the SEC on March 30, 2022 and in Part II, Item 1A “Risk Factors” in MIC’s Quarterly Reports on Form 10-Q filed on May 16, 2022, August 15, 2022 and November 18, 2022. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are based on FWAC’s or MIC’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events. However, there can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and neither FWAC nor MIC is under any obligation and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which FWAC and MIC has filed or will file from time to time with the SEC.

In addition to factors previously disclosed in FWAC’s and MIC’s reports filed with the SEC, including FWAC’s and MIC’s most recent reports on Form 8-K and all attachments thereto, which are available, free of charge, at the SEC’s website at www.sec.gov, and those identified elsewhere in this document, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: risks and uncertainties related to the inability of the parties to successfully or timely consummate the merger, including the risk that any required regulatory approvals or stockholder approvals of FWAC or MIC are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the merger is not obtained, failure to realize the anticipated benefits of the merger, risks related to MIC’s ability to execute on its business strategy, attain its investment strategy or increase the value of its portfolio, act on its pipeline of acquisitions, attract and retain users, develop new offerings, enhance existing offerings, compete effectively, and manage growth and costs, the duration and global impact of COVID-19, the possibility that FWAC or MIC may be adversely affected by other economic, business and/or competitive factors, the number of redemption requests made by FWAC’s public stockholders, the ability of MIC and the combined company to leverage Fifth Wall’s limited partner and other commercial relationships to grow MIC’s customer base (which is not the subject of any legally binding obligation on the part of Fifth Wall or any of its partners or representatives), the ability of MIC and the combined company to leverage its relationship with any other MIC investor (including investors in the proposed PIPE transaction) to grow MIC’s customer base, the ability of the combined company to meet Nasdaq’s listing standards (or the standards of any other securities exchange on which securities of the public entity are listed) following the merger, the inability to complete the private placement of common stock of FWAC to certain institutional accredited investors, the risk that the announcement and consummation of the transaction disrupts MIC’s current plans and operations, costs related to the transaction, changes in applicable laws or regulations, the outcome of any legal proceedings that may be instituted against FWAC, MIC, or any of their respective directors or officers, following the announcement of the transaction, the ability of FWAC or the combined company to issue equity or equity-linked securities in connection with the proposed merger or in the future, the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments; and those factors discussed in documents of FWAC and MIC filed, or to be filed, with the SEC.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in FWAC’s and MIC’s most recent reports on Form 8-K, which are available, free of charge, at the SEC’s website at www.sec.gov, and will also be provided in FWAC’s joint proxy statement/prospectus, when available. Any financial projections in this document are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond FWAC’s and MIC’s control. While all projections are necessarily speculative, FWAC and MIC believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this document should not be regarded as an indication that FWAC and MIC, or their representatives, considered or consider the projections to be a reliable prediction of future events.

This document is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in FWAC or MIC and is not intended to form the basis of an investment decision in FWAC or MIC. All subsequent written and oral forward-looking statements concerning FWAC and MIC, the proposed transaction, or other matters and attributable to FWAC and MIC or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Important Information About Fifth Wall

In these materials (including any accompanying video or audio materials), references to “Fifth Wall” and “Fifth Wall Group” generally refer to Fifth Wall Asset Management, LLC, and Fifth Wall Ventures Management, LLC, collectively with their affiliates and any investment funds, investment vehicles or accounts managed or advised by any of the foregoing (each such fund, vehicle or account, a “Fifth Wall Fund”). FWAC is sponsored by Fifth Wall Acquisition Sponsor III LLC (the “FWAC Sponsor”), which is an affiliate of Fifth Wall. However, FWAC is an independent publicly-traded company, and not a member of Fifth Wall or the Fifth Wall Group. Fifth Wall has not and is not providing investment advice to any person in connection with the matters contemplated herein, including FWAC, FWAC Sponsor or MIC.

Except for certain limited obligations of the FWAC Sponsor related to the disposition of its founder shares in FWAC, Fifth Wall in not a party to the proposed transaction agreements between FWAC and MIC or related transactions. Neither Fifth Wall, nor any of its partners, employees or other representatives will have at any time any legal obligation or commitment to any person (including MIC) to promote, advertise, market, or support the products, services, business or operations of MIC or the combined company. Fifth Wall’s position following consummation of the proposed merger will be that of an investor in the combined company until such time as Fifth Wall may, subject to its contractual obligations, dispose of its shares in the combined company.

This material is neither an offer to sell nor a solicitation of an offer to buy any security in any Fifth Wall Fund, and may not be used or relied upon in connection with any offer or solicitation. A private offering of interests in a Fifth Wall Fund may only be made by such Fifth Wall Fund pursuant to the offering documents for such Fifth Wall Fund, which will contain additional information about the investment objectives, terms, and conditions of an investment in such Fifth Wall Fund and also contain tax information and risk disclosures that are important to any investment decision regarding such Fifth Wall Fund. The information contained in this material is superseded by, and is qualified in its entirety by reference to, such offering documents. This communication is intended only for persons resident in jurisdictions where the distribution or availability of this communication would not be contrary to applicable laws or regulations.

Past performance or activities are not necessarily indicative of future results, and there can be no assurance that any Fifth Wall Fund will achieve results comparable to those presented herein, or that any Fifth Wall Fund will be able to implement its investment strategies or achieve its investment objectives. A Fifth Wall Fund’s investment and applicable investment restrictions may differ from those historically employed by Fifth Wall, and economic conditions may differ materially from the conditions under which any other investment fund, investment vehicle or account managed or advised by Fifth Wall has previously invested. The investments, transactions and operational activities of Fifth Wall contained in this material, if any, are shown for illustrative purposes only of the types of investments, transactions and activities that have historically been undertaken by Fifth Wall, its affiliates and their respective officers, directors, partners, members, employees and/or advisors.

¹ Assuming no public shareholders of FWAC exercise their redemption right.

Contacts

Media Contact:
Elise Szwajkowski

Head of Communications, Fifth Wall

FWAC@fifthwall.com

Mobile Infrastructure Corporation Shareholder Contact:
ir@mobileit.com

• La Mer South will be renamed J1 Beach, a first of its kind day-to-night premium F&B destination featuring three brand new experiences – Gigi Rigolatto, Bâoli and Sirene Beach by Gaia – and 10 new upscale restaurants
• The redevelopment is set to reimagine the way people enjoy hospitality experiences

DUBAI, United Arab Emirates–(BUSINESS WIRE)–Asset management firm Merex Investment has announced a redevelopment of La Mer South, which will be named J1 Beach, with the addition of three brand new seaside experiences – Gigi Rigolatto, Bâoli and Sirene Beach by Gaia – and 10 upscale restaurants that visitors can enjoy from sunrise to sunset.

J1 Beach will become a flagship beach resort destination and the first-of-its kind in the region, offering uninterrupted sea views, premium F&B offerings and a cluster of high-end operators in the heart of Jumeirah, Dubai.

The redevelopment will ease connectivity for visitors through valet services and ample parking, golf cart shuttle services and green pathways, which are shaded in the day and illuminated at night to create an ideal ambience for beachgoers. Visitors can even arrive by sea via the framed seaside reception.

The new restaurants for the J1 Beach development will make their debut in the UAE and will be completely licensed with day-to-night trade.

Shahram Shamsaee, CEO at Merex Investment Group, said: “J1 Beach is an exciting extension of Dubai, as a leading lifestyle and business destination, and we firmly believe that the addition of the day-to-night seaside lifestyle experiences and restaurants will reimagine the way visitors enjoy an interactive and offering new elevated choices.”

“Merex Investments aims to take destinations to and beyond their business potential by capitalising on prime locations and amplifying the principles of placemaking. The three new additions to J1 Beach will support the growth of local and global partners through the delivery of holistic, convenient and diverse lifestyle assets.”

In line with Merex Investment’s strategic priority to enable people to re-imagine the way they experience the city, the move will enable residents to be part of Dubai’s ever-growing vibrant and lifestyle landscape.

Merex and Paris Society International signed an agreement to bring the legendary Gigi Rigolatto to the region for the first time. Voted amongst the world’s top brands in its category, Gigi Rigolatto offers guests an Italian menu, an interior restaurant, two exterior terraces, a garden, a Bellini bar, a swimming pool, a kids’ circus, a wellness area and direct access to the beach.

Brian Bendix, CEO of Paris Society International, said: “We believe that J1 Beach, the gravitas of the Merex vision and the diversity of the market leading offering will resonate not just in Dubai, but globally. It will set a new standard for ultra-premium residential, hospitality and lifestyle beach offering. After the success in Saint Tropez, Paris and Val d’Isère, Dubai is a natural next beach destination for Gigi Rigolatto which will feature with all of its extraordinary experiences.”

Developed by Evgeny Kuzin and Chef Izu Ani, Sirene Beach by Gaia is the coastal evolution of Dubai’s home-grown, Greek-Mediterranean concept Gaia. Evgeny Kuzin, Restaurateur and Co-Founder of Gaia, said: “Research has shown us a shift in global holiday trends, with a large increase in people opting for regular recreation at beaches and restaurants, rather than travelling. An elegant experience, Sirene Beach by Gaia will embody the luxury of beachside leisure, allowing guests to stay all day, to relax, unwind and spend time with loved ones. We are so excited to launch Sirene with an exquisite menu designed by the Gaia culinary team, a contemporary aesthetic and an unrivalled entertainment and events schedule on one of the region’s most desirable shores.”

Bâoli at J1 Beach will also be another new entry to the Middle East. Bâoli is a stylish restaurant that has found success across the globe in Miami, US and Cannes, France that will offer modern Japanese cuisine and is known for drawing A-listers to the venue.

Sanjeev Nanda, Founder of Neat Food which will manage Bâoli Dubai, said: “Bâoli is a retreat-styled space inspired by the beautiful stepwell baolis in India and which will offer a unique experience for visitors to J1 Beach. The move into the Middle East is part of the brand’s success across our international destinations and we believe that Dubai was the perfect location to continue sharing our world-class hospitality experiences.”

The area will be closed while construction on the destination takes place and is scheduled to open for the public by the end of 2023.

About Merex Investment

Merex Investment is a joint venture between Dubai Holding and Brookfield Asset Management, formed in 2019 with a focus on creating long-term value for Dubai’s residents and business community. The company, valued at approximately AED5 billion (US$1.4 billion), owns and operates a diversified portfolio of retail assets, including The Beach, City Walk, and La Mer, that span over 2 million square feet and host more than 550 retail, leisure, and entertainment tenants.

The asset management firm’s strategic investments and partnerships re-imagine the way people experience the city, re-engineer the way businesses interact with their customers, and re-think the way urban spaces are designed to create clean, sustainable, happy destinations. Merex Investment is firmly established as a partner of choice for local entrepreneurs as well as regional and global businesses.

*Source: AETOSWire

Contacts

Khaled Yahya

KYahya@apcoworldwide.com