CARS24 signs lease for 1 million sq. ft commercial facility in Dubai
India's leading e-commerce platform for pre-owned vehicles, CARS24 has reportedly rented a commercial facility spanning 1,000,000 sq. ft in Jebel Ali, Dubai. The contract values at over AED 40 million, marking as one of Dubai's largest leasing deals ever recorded. Valued at over $2 billion, Cars24 is transforming the way pre-owned cars are purchased in the UAE via their next-generation ecommerce platform. The new facility will be used to expand its operations in Dubai. Abhinav Gupta, CEO, CARS24 (Gulf Region), said that this is a breakthrough moment for the firm, and certainly will be its highlight in the market. Around 2,000 plus pre-owned cars have been sold in the previous six months, and the firm now wishes to uplift its business and take it to the next level, he said. As their firm now has a vast facility, there is no doubt that this is a turning point for their business as it continues to succeed in the Middle East. According to sources, Knight Frank, one of the top global real estate consultancy firms, has arranged the transaction. Andrew Love, Knight Frank Middle East's partner & head, said that in the coming years, the new commercial facility would aid them well and offer added proficiencies to expand and nurture their business. The pandemic has brought a massive change in the consumers' shopping habits, with shifting more towards online purchasing. However, the UAE e-commerce retail market was still anticipated to be valued at $3.9 billion in 2020, almost an increase of 53% in value in 2019. The Dubai Chamber of Commerce and Industry anticipates that this figure will increase to $8 billion by 2025, intimating a continued period of strong demand for warehouse space from the country's retailers. Source Credit - https://economictimes.indiatimes.com/industry/services/property-/-cstruction/cars24-signs-dubais-largest-ever-commercial-leasing-deals/articleshow/87831693.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst