https://arab.news/bdg26
ABU DHABI: Aldar Investment, an Abu Dhabi-based real estate investment company, has acquired a 70 percent equity interest in Abu Dhabi Business Hub, valued at $136 million, to launch Aldar Logistics, its new logistics real estate arm, news agency WAM reported.
Aldar Logistics will focus on the UAE market, with potential plans to expand to Saudi Arabia and Egypt.
According to the report, Aldar Investment also intends to assess further acquisition opportunities after the completion of the Abu Dhabi Business Hub transaction.
Abu Dhabi Business Hub owns a warehousing, industrial and office complex in Industrial City Abu Dhabi.
It has a total net lettable area of around 166,000 square meters.
The hub includes three office buildings and 132,000 square meters of warehouses.
The report noted that 90 percent of the existing logistics facilities are occupied, with long-term leases with tenants, including Spinneys, ZonesCorp. and Twofour54.
“We see strong potential for expansion in warehousing and logistics real estate in the region, a segment which has robust fundamentals driven by infrastructure development and growth of the digital economy,” said Busaibe, CEO of Aldar Investment.