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UAE-based real estate developer Al Dar properties will invest some AED 1 bn to boost its logistics infrastructure in the UAE and gain a foothold in Dubai, according to a disclosure (pdf) on the ADX. The investment will see the company acquire new operational storage and warehousing assets and develop ready-to-lease facilities to meet high demand for premium warehousing in the UAE, the disclosure notes. Al Dar did not disclose what proportion of the investment will go towards acquisitions versus its development pipeline.
More about the acquisitions: The investment includes an acquisition of Al Dar’s first logistics zone in Dubai. The developer has acquired 7 Central Logistics Hub from steel supplier Seven Seas Steel Industries and an adjacent plot in the Dubai Investment Park (DIP). Once developed, the gross leasable area at the hub will be doubled to 38k sqm.
New developments: Aldar will collaborate with other real estate firms to set up single-tenant facilities and logistics parks in Dubai, with a total gross leasable area of 200k sqm. It will also add 33k sqm of GLA to its 132 sqm logistics facility in Abu Dhabi, the Abu Dhabi Business Hub, the disclosure notes. Etihad, Twofour54 and Mubadala are among Aldar’s fully leased out ADBH tenants.
Al Dar first stepped into the logistics scene in 2022: The UAE-based real estate developer branched the logistics sector with a majority acquisition of ADBH in 2022. The 70% stake acquisition saw ADBH valued at AED 500 mn at the time.
About Aldar: Aldar Properties is a leading UAE real estate developer, investor, and manager with an operating model centered around two core businesses: Aldar Development and Aldar Investment. The company is listed on Abu Dhabi Securities Exchange, the statement said.
