Thailand’s high-end listed property developer Pace Development has entered into an agreement to purchase New York-based Dean & DeLuca – one of the world’s iconic gourmet food brands – Dean & DeLuca, as well as its global business and assets for US$140 million.
The move aims to boost Pace’s capabilities as a developer of super-premium mixed-use developments, as well as fuel rapid global growth of the Dean & DeLuca gourmet food and beverage retail business
The purchase includes eleven outlets and two commissaries in the United States as well as the licensing agreements in 31 international locations, among them four outlets in Thailand, as well as in Japan, Singapore, South Ko rea, Kuwait, Qatar, and the United Arab Emirates.
Sorapoj Techakraisri (pictured), Chief Executive Officer of Pace Development Corporation, said: “We aim to capitalise on the global convergence of super-premium mixed-use property development and lifestyle brands.
“The high margins in the business of premium property development of the future will be in offering customers a lifestyle – not just bricks and mortar. People want a total delivered environment where they feel good about living.
“It’s why we must be able to bring into our properties some of the world’s best lifestyle brands. It’s a proven model already being successfully deployed by thought-leaders in property and retail property development.”
Sorapoj added that he expects to have stores numbering into the hundreds within only two years, up from the current 42 stores, and to increase our global footprint from eight countries at present to more than 15 countries in the same time, primarily through licensing and company’s own store investment.
Pace’s Ritz-Carlton Residences property development was recently awarded the ‘Best Condominium Development – South East Asia’ at the 2014 South East Asia Property Awards
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.
