The facility, sold by Seven Seas Steel Industries LLC, is in Dubai Investments Park.
It was late last year that Aldar made its first foray into Dubai, through launching the first of three planned residential communities. Initial releases were an instant sellout.
Aldar will also look to joint ventures to expand its logistics real estate portfolio in Dubai.
The company had made its first such deal through a majority stake in Abu Dhabi Business Hub (ADBH) in 2022. “The latest investment includes the acquisition of operational assets as well as development of ready-to-lease and build-to-suit options for Grade A logistics facilities,” said a statement.
“We are experiencing particularly strong demand for high-grade facilities in the UAE, driven by robust intra-regional trade, high-quality infrastructure, and an expanding digital economy,” said Talal Al Dhiyebi, Group CEO of Aldar Properties. “Aldar is well positioned to capitalise on this growth, deploying a unique blend of expertise in development, balance-sheet investment, and asset management to create substantial value.”
For Dubai Investments Park, already firmly ensconced as a commercial real estate hotspot, the Aldar entry will help with greater traction. “Available greenfield areas within DIP already has a significant premium to the market average, and Aldar coming in could make for some more investment plays,” said an analyst.
“Logistics and warehousing assets in Dubai and UAE have had 3 years of high demand – this growth will have more runway by the looks of it.”
The ADX-listed company will build 233,000 square metres of new Grade A logistics facilities across the UAE. This includes single-tenant facilities and logistics parks in Dubai, totalling 200,000 square metres of GLA to be developed in ‘partnership with established logistics real estate players’.
There will also be a 33,000 sq metre GLA expansion of the Abu Dhabi Business Hub. The location’s warehouse portfolio is fully leased at its current capacity of 132,000 square metres to tenants that include Etihad, Mubadala and Twofour54.