Dubai: With one of the biggest commercial real estate deals in recent years, Dubai’s real estate boom is now expanding beyond residential.
In Jebel Ali, CARS24, an Indian platform for buying and selling pre-owned cars, recently leased a 1 million-square-foot facility for over Dh40 million. The transaction was handled by Knight Frank.
“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.
Earlier this year, CARS24, which is currently valued at over $2 billion, entered the UAE market with the promise of taking the auto buying and selling process completely online. The company has an inventory of used cars, which is where the new Jebel Ali facility can be helpful.
“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 finalized in such a short timeframe, having been completed within 3 months, and shows the professionalism of all parties involved” – Mikhail Vereshchagin, Commercial Agent at Knight Frank Middle East