Dubai South and Aldar partner to develop Grade A assets in Dubai South Logistics District
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Dubai Souththe largest urban master development focused on aviation, logistics and real estate, and Properties of Aldar (‘Aldar’)the UAE’s leading real estate developer, investor and manager, has signed a joint venture to develop Grade A logistics facilities in South Dubai.
Through the association, aldar and Dubai South will work collaboratively to bring new and premium offerings to Dubai South Logistics District, including build-to-lease and build-to-suit facilities. aldar will be responsible for the design, development and delivery of these new logistics assets, starting with a Grade A logistics facility totaling almost 24,000 square meters of gross floor area (GFA).
The land, adjacent to global brands such as Amazon, Noon and DHL, offers a dual customs solution and is strategically located with high accessibility and very close to Al Maktoum International Airport. This first facility is expected to be completed and tenant-ready by the end of 2024 and paves the way for further development of build-to-lease and build-to-suit assets, for third-party logistics (3PL), e-commerce and retail tenants.
Having identified the logistics sector as a key asset class of focus, aldar is adding selective exposure to the segment aligned with its asset diversification plans into alternative and high-growth real estate asset classes. The projects developed with Dubai South are part of Aldar’s recently announced an AED billion investment in logistics real estate, which also includes the development of other build-to-suit and build-to-lease projects in the UAE, and the acquisition of 7 Central Logistics Hub and adjacent land at Dubai Investments. Park.
The partnership agreement was signed at the Dubai South headquarters and witnessed by His Excellency Khalifa Al Zaffin, CEO of Dubai Aviation City Corporation and Dubai South and Talal Al Dhiyebi, CEO of Aldar Group.
His Excellency Khalifa Al Zaffin, Executive Chairman of Dubai Aviation City Corporation and Dubai South saying:
“As Dubai South continues to shape the future of logistics, our partnership with Aldar represents a strategic leap towards improving our logistics infrastructure, in line with our mission to foster a dynamic business environment through state-of-the-art facilities. We will leverage Aldar’s experience in real estate development to elevate the logistics landscape. The new logistics facilities are a testament to our dedication to meeting the evolving needs of the 3PL, e-commerce and retail sectors, further establishing Dubai South as a critical hub in the region’s economic development.”
Talal Al Dhiyebi, CEO of Aldar Group, saying:
“In line with our growth strategy, we are excited to forge this strategic partnership with Dubai South, bringing together two like-minded partners with complementary capabilities. This collaboration marks the beginning of a dynamic company that will capitalize on the UAE’s continued investment in infrastructure development, the growing digital economy and the growing demand for delivery services, with investment grade logistics assets that meet and exceed international standards of the tenants.”
Dubai South is Dubai’s largest urban master development focusing on an aviation and logistics ecosystem hosting the world’s largest airport when fully operational, complemented by multi-modal transport infrastructure connecting air, land and sea. Dubai South aims to create a vibrant living and working community by leveraging its unique aviation, logistics and real estate products and services and world-class infrastructure solutions.
News source: Dubai Press Office
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