Aboud to ‘uplift’ Trincity Mall after $502m sale

John Aboud, one of the new owners of Trincity mall said the consortium that bought it plans to upgrade and revitalise it.

Aboud told Newsday of the plans in a phone conversation on April 14.

“We have a lot of exciting plans for the mall. We are upgrading it in terms of its facilities. We are also going to be developing the lands surrounding the mall to expand the ecosystem of the mall and the environment.

“It has been under some pressure for some years, but it is a very good mall – it is well patronised. It just needs a little upliftment.”

Aboud said the mall experience cannot be compared, especially to new phenomena such as online shopping.

“Going to a mall is an experience. When people go to a mall they don’t just go to shop. They buy what they need to buy, have something to eat or meet friends.

“There is also a variety of what exists in a mall. I don’t know if shopping online will give the same experience.”

He told Newsday the consortium plans to begin renovations and upgrades by the third quarter of this year.

Trincity Commercial Centre was sold to a consortium which included John Aboud, Anthony Rahael and contractors Kallco and Fides Ltd last week for $502 million.

The mall was established in 1984 with 80 stores on 140,000 square feet of land.

At its height it expanded to more than 500,000 square feet with more than 300 tenants.

The mall's owner, Home Construction Ltd, sold its shares to CL Financial in 1991.

The property soon became one of the jewels of CL Financial, which was put up for liquidation by the courts in 2017 after CL Financial’s collapse in 2009.

The liquidation process is being managed by David Holukoff and Hugh Dickson of the firm Grant Thorton.

Liquidators were given permission to put the mall and its surrounding properties up for divestment in 2020, but did not do so until 2022.

The commercial centre includes 53.6 acres of prime land, 14 acres of undeveloped land and more than 490,000 square feet of leasable commercial space.