Lease to own warehouses launched in DIP

Lootah Real Estate Development is backing the 27.9-hectare pre-built warehouse project in Dubai Industrial Park
Warehouse, Lease, Lootah, DIP, Dubai

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Lootah Real Estate Development, a subsidiary of Dubai-based Lootah Group, has launched the Senaeyat Industrial Hub comprising pre-built warehouses in Dubai Industrial Park, close to the Expo 2020 Dubai site and Al Maktoum International Airport (DWC), under a lease-to-own agreement model.

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The newly formed entity will be offer businesses full ownership of the warehouses for 10 years.

Lootah said in a statement it had acquired 27.9ha of land for the new company to operate from for a 49-year period.

Commenting on the move, chief executive officer of Lootah Real Estate Development, Saleh Abdullah Lootah, said the agreement model would allow businesses to convert "operational costs into assets".

Phase 1 of the land delivery process will see 19.2ha handed through warehouses with built-up areas of 1,858m2 to 3,345m2.

Meanwhile, the second phase of the project's land delivery will include warehouses ranging up to 5,574m2, with a total handover area of 18.5ha.

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