Whaha Capital subsidiary Waha Land has signed an AED426M ($116M) financial deal with Emirates Islamic Bank for Stage 2 of its Almarkaz light industrial real estate project in the United Arab Emirates.
The 1.5sq km development is located 25km south of Abu Dhabi city.
Stage 2 of the project, to be built in two packages, will include an additional 187,000sq m of premium industrial and logistics facilities, as well as retail and commercial amenities.
Package 2a, to be delivered by Ali & Sons Contracting L.L.C, consists of 92,500sq m of industrial and logistics facilities, and retail and commercial amenities.
The first buildings will be available for occupancy in June 2017, while the entire package is expected to be complete by the fourth quarter of 2017.
Further development will include flexible industrial building sizes, fitted industrial units, warehouse and storage facilities, commercial offices and food beverage outlets.
Hazem Saeed Al Nowais, Waha Land’s chief executive officer, said: “Almarkaz has proven extremely popular because of the quality of the facility, and its excellent location as a hub in transport infrastructure.
“This success has enabled the project to achieve attractive financing. Building on the success of Stage 1, we are moving ahead with our planned development, which aims to meet the needs of the Abu Dhabi manufacturing and logistics market in addition to SME’s.”
Almarkaz’s Stage 1 comprises 90,000sq m of industrial and logistic units, which are already fully leased.
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