Dubai: The boost in Dubai’s real estate sector is now extending beyond residential, with one of the biggest deals signed for commercial property in recent times.
The India pre-owned car buying and selling platform, CARS24, has leased a 1 million square feet facility in Jebel Ali for a contract value of Dh40 million plus. The consultancy Knight Frank helped in the transaction.
“This is a fantastic result for CARS24, who are now one of the largest used car retailers in the UAE region,” said Andrew Love, Partner and Head of Commercial Agency at Knight Frank Middle East.
CARS24, which is currently valued at $2 billion plus, entered the UAE market earlier this year, with the promise of taking the auto buying and selling process completely online. The company does carry an inventory of used cars, and this is where the new Jebel Ali facility has its uses.
“In just over six months we have sold 2,000 plus pre-owned cars and we now want to elevate our business to the next level,” said Abhinav Gupta, CEO, Gulf Region at CARS24. “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.”
It’s very rare that a deal of this magnitude is finalised in such a short timeframe, having been completed within 3 months and shows the professionalism of all parties involved
