Knight Frank, a leading global real estate consultancy firm, has just leased a 1-million-sq-ft commercial facility in Jebel Ali, to Cars24, one of the largest e-commerce platforms for pre-owned vehicles.

With a total contract value in excess of AED40 million ($10.8 million), this is one of Dubais largest ever leasing deals on record, said the statement from Knight Frank.

The magnitude and value of this commercial leasing deal adds to Knight Franks impressive client and transactional portfolio, as they continue to expand their Middle East Commercial Agency team across the region, it added.

With a company value of over $2 billion, Cars24 is revolutionising the way pre-owned cars are bought in the UAE, through their next generation, ecommerce platform for used cars and this new site location brokered through Knight Frank will allow further expansion of their business.

"This is a milestone for us in the UAE and it will certainly be one of the highlights of our presence in this market. We would like to thank Knight Frank for supporting us in finding this excellent strategic location which will further help us build and expand our presence in the GCC," remarked Abhinav Gupta, CEO, Gulf Region at Cars24, after having leased one of the most premium commercial facilities in Jebel Ali.

"In just over six months we have sold 2000 plus pre-owned cars and we now want to elevate our business to the next level. Now we have such an expansive facility, this will no doubt prove to be an important turning point for our business, as we continue to build our success story in the Middle East," he added.

On the key transaction, Andrew Love, Partner and Head of Commercial Agency at Knight Frank Middle East, said: "We have no doubt that the new commercial site for Cars24 will serve them well over the coming years and will give them the added capabilities to expand and grow their business here."

Mikhail Vereshchagin, Commercial Agent at Knight Frank Middle East, said: "Its been a pleasure to work closely with the Cars24 team, both here in the UAE and in India to complete this leasing deal and help provide them with such an impressive commercial facility."

"Its very rare that a deal of this magnitude is finalised in such a short timeframe, having been completed within 3 months and shows the professionalism of all parties involved," he added.-TradeArabia News Service

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