Aldar Makes Historic Investment: Acquires Dubai Logistics Facility for $272 Million
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Aldar Properties, an Abu Dhabi-based real estate corporation, is set to invest in 1 billion UAE dirhams ($272 million) to purchase a logistics facility and adjacent land in Dubai.
The business said in a statement to the Abu Dhabi Securities Exchange (ADX) that it had purchased the Seven Seas Steel Industries LLC-owned 7 Central logistics hub in Dubai Investments Park, together with an adjacent site for the construction of additional logistical space.
In 2022, Aldar invested in logistics for the first time when it acquired the majority of Abu Dhabi Business Hub (ADBH).
According to the bourse filing, it intends to construct 233,000 square meters of new Grade A logistics facilities in the United Arab Emirates.
These will include logistics parks in Dubai and single-tenant buildings, totaling 200,000 square meters of gross leasable area (GLA).
The announcement further stated that Etihad, Mubadala, and Twofour54 are among the tenants currently leasing the warehouse property in Abu Dhabi.
The Group CEO, Talal Al Dhiyebi, stated that the UAE had a "particularly strong demand" for first-rate logistics infrastructure.
Imogen Lillywhite / Zawya
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