About the job
Job Requisition ID: 155422
Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world’s most admired and innovative brands. Al-Futtaim Groups entrepreneurship and relentless customer focus enables the organization to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate.
By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day
Overview of the role
Setting the tactics of the Leasing strategy on the Retail Portfolio that is aimed at ensuring the viability of the business and meeting overall objectives.
Provide market information and competition updates
Managing the rental of retail units to ensure maximum occupancy and a premium level of rentals
Undertaking lease negotiations and meeting the approved milestones
The accurate completion of information and paperwork for tenants. (Database, turnovers, etc.)
Consistently apply your experience and judgment to plan and accomplish goals and sustain and expand market share.
Effectively lead and direct the work of others, specifically your direct reports and supporting departments, outsourced consultants (Market Researches, Leasing Agents, etc.)
What you will do
Planning: Prepares and implements leasing plans and strategies so as to exploit current market demands and generate future direction for the Retail Leasing business in order to achieve or exceed projected units and revenue target
Market Intelligence: Researches the market in terms of current demand, customer preference, types, size, and location of the properties. Where possible, obtains information on competitors’ pricing policy, and property specifications to revamp the company pricing policy, strategies, and tactics to effectively position the property against the competition and enhance market share. Liaises with external consultants for additional insights into the above information and for the formulation of the ERV schedule by the externally appointed consultant as required.
Targeting Prospective and Existing Customers: Oversees preparation of a target list of prospective tenants including high-end and flagship retail brands/customers, local and international, suitable for the type of properties available for leasing. Oversees preparation of schedules showing lease expiry profile on an annual basis. In the case of Retail tenants, prepares an exit strategy if the brand is not considered in line with the agreed Retail mix.
Viewings and Presentations: Manages invitation of tenants to the presentation of drawings/site meetings in order to generate new interest and maintain the interest of existing tenants in the center and work towards deal closure to meet revenue targets.
Term Negotiation: Prepares proposals for new and renewal tenants at rates in line with budget/ERV for communicating to tenants in order to close new business and finalize renewal of existing lease contracts in a timely manner. Negotiates and finalizes lease terms in line with prevailing SOPs, Budgets, DOA, and any other conditions required by the business.
Arranging Legal Documentation: In liaison with the Lease Administration team ensures that all documentation is correctly prepared by Lease Administration in accordance with the SOP (LAF/LCA, Lease Contract, etc.) and is signed by the authorized person as per the DOA in order to avoid any litigation in future and to serve as a point of reference. Maintains awareness of local legal procedures and practices, ensuring that these are upheld and/or not contradicted in lease terms.
Asset/Property Management: Ensures that existing leases are renewed on time and that any changes in terms and conditions or rentals are correctly recorded and rental is collected on time and in full to avoid any loss of money or dispute with the tenants. Proactively manage the tenancy schedules of assets to regear the lease contracts to increase the valuation of DFCs portfolio. Negotiate exit strategies for tenants regarded as no longer fitting the overall retail brand mix.
Financial Data Entry and Maintenance :YARDI: Checks that all lease contract information is accurately recorded by Leasing Administration in REFX and systems.
Financial Credit Control: Liaises with Credit Control Department on AR status, follows up with tenants for outstanding payments, finalizes statements of account, and preparation of payment plans. Prepares monthly statements of negative accruals and other accounting provisions. Analysis and Reporting: Progress Reports: Oversees preparation of progress reports on a weekly/monthly/annual basis as appropriate, on the current status of the business; comments on assessment of future market trends and prospects and proposes measures and strategies to achieve or exceed the projected target. Budgeting: Evaluates historical performance, and market information on future market trends, to arrive at a rational budget projection both in terms of units and revenue so as to contribute effectively to meeting the companys overall objectives set for the year. Prepares Retail budget based on the foregoing. Budget Review: Reviews the actual performance against the budget on a regular basis to ensure that projected units and revenue target are being achieved, in case of a shortfall examines the reasons and take corrective measures to bring it back on target. ERV Report: Prepares and maintains current ERV schedule by liaising with external consultants / Feasibility team as required to ensure accurate valuation of the property.
Audit: Manage any audit studies and requests. Action any findings/recommendations as are feasible and necessary
Required Skills To Be Successful
About The Team
The Retail Leasing team is a group of highly motivated, collaborative, and fun professionals across Egypt, looking for a member to add to the department.
What equips you for the role
Degree or equivalent level of education in any discipline
Minimum 8 – 10 years experience in handling property leasing/portfolio management including lease negotiations and management with a reputable real estate company.
Excellent in Microsoft Excel, PowerPoint, and WinWord.
Create, build, and manage competitive products, portfolios & services
Sound knowledge of the Leasing market and practices in the local market/international market
Familiar with a variety of the leasing field’s concepts, practices, and procedures along with the Brands awareness and categories
About Al-Futtaim Malls
Al-Futtaim Malls provides development and asset management expertise, specializing in building retail-led super regional malls in prime locations across MENA and beyond. With a proven track record of creating both sustainable revenue growth and value enhancement for tenants, Al-Futtaim Malls delivers exceptional experiences and exciting shopping environments for customers.
Part of the Al-Futtaim Group, Al-Futtaim Malls leadership team brings more than 30 years of experience and a deep understanding and knowledge of the retail sector, both from a shoppers point of view but as curators of space or landlords to other brands. The company has a directly managed portfolio including over 9 million sqft of retail space across four malls in the MENA region and two under development. Malls under the Al-Futtaim Malls portfolio include Dubai Festival City Mall and Festival Plaza in the UAE, Cairo Festival City Mall in Egypt, Doha Festival City in Qatar and Zenata Mall, Morocco.
Leveraging on the expertise of its parent company, Al-Futtaim Malls established PLEX Management Services offering a full array of services including asset management and development, leasing, and brand experience expertise to shopping mall landlords and retail organizations globally. Implementing global best practice and deploying Al-Futtaim Malls deep understanding of mall management and retail dynamics, PLEX promises to deliver continuous growth and long-term value for its partners.