PHOTO
Dubai South, an aviation, logistics and real estate master development, and the Abu Dhabi-listed Aldar Properties have entered a joint venture to develop Grade A assets in Dubai, including build-to-lease and build-to-suit facilities.
The first project will be a Grade A build-to-lease logistics facility located in the Dubai South Logistics District, totalling 24,000 sqm of gross floor area (GFA), a statement read.
Aldar will be responsible for the design, development, and delivery of the assets.
This first facility is expected to be completed and tenant ready by Q4 2024 and paves the way for further development for third-party logistics (3PL), ecommerce, and retail tenants, Aldar added.
The projects being developed with Dubai South form part of Aldar’s recently announced 1 billion UAE dirhams ($272 million) investment in logistics real estate, which also includes the development of other build-to-suit and build-to-lease projects across the UAE, and the acquisition of 7 Central Logistics Hub and an adjacent plot in Dubai Investments Park.
Earlier this month, Aldar Properties reported its net profit grew 39% year-on-year (YoY) to AED1.4 billion in the fourth quarter of 2023 after quarterly property sales reached a new high of AED8.5 billion.
Revenue rose 40% YoY to AED4.4 billion, driven by recent acquisitions, active asset management, and strong operational performance.
(Writing by Bindu Rai, editing by Seban Scaria)
