Dubai – Mubasher: Retail company Marka has acquired award-wining restaurant chain Reem Al Bawadi for around AED 315 million, in what the company describes as one of the biggest food and beverage acquisitions in the UAE for a home-grown hospitality brand.

The acquisition forms part of Marka’s “long-term growth strategy of building a portfolio of leading brands operated by its food and beverage division, Marka Hospitality,” the company said in a filing to the Dubai Financial Market (DFM) on Thursday.

The acquisition is expected to have an immediate impact on Marka’s bottom-line financial performance. The deal is being funded with some of the company’s own funds in addition to bank facilities.

The sale was arranged and coordinated by the advisory firm, PineTree Capital, advisor to Reem Al Bawadi.

Marka, the first public joint stock company focused on the fast-growing retail sector, reported on Thursday a net loss of AED 8.379 million for the first quarter of 2015. The results do not reflect recent acquisitions or operational activities, the company said.

The retail operator recently acquired Retailcorp UAE Ltd. and assumed management responsibility in April. It also completed its acquisition of a 60% stake in Cheeky Monkeys Playland & Sweet Surprise.

Based in Dubai and incorporated in 2014 with a capital of AED 500 million, Marka targets mid-to-high-range segments in sports retail, fashion and hospitality.