Abu Dhabi – Mubasher: Aldar Properties pumped investments valued at AED 1 billion to expand its logistics real estate business in Dubai and Abu Dhabi, according to a press release.
The ADX-listed company first entered the logistics sector with a 70% stake acquisition of Abu Dhabi Business Hub (ADBH) in 2022.
The new investment, which marks the first logistics acquisition in Dubai, covers operational assets as well as the development of ready-to-lease and build-to-suit options amid strong demand for Grade A logistics facilities.
Aldar purchased 7 Central logistics hub and an adjacent plot, which is expected to almost double the current gross leasable area (GLA) of 19,000 square metre (m2).
The ADBH warehouse portfolio is fully leased at its current capacity of 132,000 m2 to diverse institutional tenants, including Etihad, Mubadala, and Twofour54.
Talal Al Dhiyebi, Group CEO of Aldar, commented: “We are experiencing particularly strong demand for high-grade facilities in the UAE, driven by robust intra-regional trade, high-quality infrastructure, and an expanding digital economy.”
“Aldar is well positioned to capitalise on this growth, deploying a unique blend of expertise in development, balance sheet investment, and asset management to create substantial value,” Al Dhiyebi stated.
Aldar recently announced a joint investment of $1 billion in private real estate credit opportunities in the UK and Europe, along with Mubadala Investment Company and Ares Management.
In the first nine months (9M) of 2023, the listed group posted 41% higher net profits at AED 3 billion, compared to AED 2.13 billion in 9M-22.
