Dubai South and Aldar Properties have entered a JV to develop Grade A projects in Dubai, including build-to-lease and build-to-suit facilities, a statement read. The first project will be a Grade A build-to-lease 24,000 sq. mts., logistics facility located in Dubai South Logistics District, Aldar will be responsible for the design, development, and delivery of the assets. The first facility is likely to be completed and tenant ready by Q4 2024 and paves the way for further development for 3PL, e-commerce, and retail tenants, Aldar stated. The projects being developed with Dubai South form part of Aldar’s recently announced 1 billion UAE dirhams (US$272 million) investment in logistics real estate, which includes the development of build-to-suit and build-to-lease projects across the UAE, the release stated.
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