One of the largest ever commercial real estate deals in Dubai has been signed, worth in excess of AED40 million ($10.9m).
The 1,000,000 sqft commercial facility in Jebel Ali was leased by Knight Frank to Cars24, an e-commerce platform for pre-owned vehicles.
Andrew Love, partner and head of Commercial Agency at Knight Frank Middle East, said: “This is a fantastic result for Cars24, who are now one of the largest used car retailers in the UAE region. We have no doubt that their new commercial site will serve them well over the coming years and will give them the added capabilities to expand and grow their business here.”
Launched in the UAE in April, Cars24 revealed last month that it was set to invest close to AED367m ($100m) in the UAE and GCC countries.
Within six months, the company has recorded sales of close to 2,000 plus cars.
Abhinav Gupta, CEO, Gulf region at Cars24, said: “Now we have such an expansive facility, this will no doubt prove to be an important turning point for our business, as we continue to build our success story in the Middle East.”
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