Lease-to-own warehousing initiative Senaeyat launched in Dubai
Dubai-based Lootah Real Estate Development has announced the launch of Senaeyat, a company that provides lease-to-own industrial warehouses for businesses.
Located in Dubai Industrial Park, Senaeyat is the first to offer a lease-to-own model for clients, in which they can have full ownership of the pre-built industrial warehouses within 10 years.
Lootah said in a statement that it has acquired three million square feet land for 49 years in Dubai Industrial Park to establish Senaeyat.
Saleh Abdullah Lootah, CEO of Lootah Real Estate Development, said: “We are pleased to offer this sustainable business model to different industries to help them convert their operational costs to assets. This signifies our commitment, not only to residents whom we have developed world-class residential projects for, but to the business community as well.”
Senaeyat will be offered in two phases, the first spread across one million square feet and the second across two million square feet.
The first phase of the project has four different built-up areas – 20,000 sq ft, 24,000 sq ft, 30,000 sq ft, 36,000 sq ft – to cater to diverse market segments, especially focusing on the underserved market of small to medium-sized industries.
The second phase will have the same size options, in addition to bigger built-up areas – 50,000 sq ft and 60,000 sq ft.
“We understand the unique requirements of different businesses from multiple industries, and our portfolio of turnkey warehouses are designed to address them,” added Lootah.
“We found that many vacant warehouse units are due to price mismatch in the market, so we made sure that Senaeyat keeps its portfolio at a reasonable price,” he said.
Dubai Industrial Park hosts over 250 factories and more than 700 business partners in sector-specific zones.