Aldar invests $272m to expand logistics business

Aldar invests $272m to expand logistics business

Aldar Properties will invest AED 1 billion ($272.27 million) to expand its logistics real estate business in Abu Dhabi and Dubai. The new investment includes acquiring operational assets and the development of ready-to-lease and build-to-suit options due to strong demand for Grade A logistics facilities. Abu Dhabi’s largest developer, the move will increase Aldar’s gross […]Aldar Properties will invest AED 1 billion ($272.27 million) to expand its logistics real estate business in Abu Dhabi and Dubai.

The new investment includes acquiring operational assets and the development of ready-to-lease and build-to-suit options due to strong demand for Grade A logistics facilities.

Abu Dhabi’s largest developer, the move will increase Aldar’s gross leasable area (GLA) in the logistics sector to more than 400,000 sq m.

As its first logistics acquisition in Dubai, Aldar has purchased 7 Central logistics hub and an adjacent plot in Dubai Investments Park that will double the GLA of 19,000 sq m once completed.

In addition, the developer will build 233,000 sq m of new Grade A logistics facilities across the UAE. This includes single-tenanted facilities and logistics parks in Dubai, totaling 200,000 sqm of GLA that will be developed in partnership with established logistics real estate players.

Moreover, the company plans a