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Aldar Properties has inked a deal with Dubai-based port operator DP World that will see the Abu Dhabi’s real estate developer fund and develop a 1.55 million sqft Grade A logistics park at the National Industries Park (NIP) in Jebel Ali.
The project represents a portion of the company’s recently announced 1 billion UAE dirhams ($272.2 million) investment to expand its logistics real estate business in Abu Dhabi and Dubai, with plans for further investment as the business grows. Aldar did not specify how much of the portion has been allocated to the project.
The property developer said the deal allows for access to build and lease assets within NIP, capitalising on its position near Jebel Ali Port and Al Maktoum International Airport.
The project will target third-party logistics (3PL), eCommerce and retail tenants looking to expand or relocate. The Grade A and LEED certified logistics park will sit on a 2.36 million sqft plot and will comprise three modular buildings that can be modified to become single or multi tenanted facilities, offering flexible unit sizes.
Aldar will be responsible for the full development cycle of the logistics park, from concept and design to execution and management.
Construction of the new logistics park will begin in Q4 2024, with the first tenants expected in Q4 2025.
(Writing by Bindu Rai, editing by Daniel Luiz)
