Lootah offers lease to own warehouses in Dubai Industrial Park
Lootah Real Estate Development has announced the launch of Senaeyat, a company that provides lease to own industrial warehouses for businesses of different sizes.
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.
Senaeyat has acquired a total of 3 million square feet of land for the whole project, which will be offered in two phases. The first one includes one million square feet, and the second, two million square feet.
The Phase One of the project has four different built up areas – 20,000, 24,000, 30,000 and 36,000 sq ft – to cater to diverse market segments, especially focusing on the underserved market of small to medium-sized industries, while the Phase Two will have the same size options, in addition to bigger built-up areas – 50,000 and 60,000 sq ft.
Dubai Industrial Park is one of the largest industrial and manufacturing hubs in Dubai. It provides state of the art infrastructure and integrated solutions for businesses. The destination hosts over 250 factories and more than 700 business partners in sector specific zones.
CEO Saleh Abdullah Lootah 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.”
Lootah pointed out that Senaeyat’s wide range of modern specifications was a response to the growing demand for such warehouses in the market, as these European models aren’t widely available.
He stated that the warehouses will also be ready-to-use upon handover.
The top official said that potential clients can benefit from the warehouses’ proximity to major areas such as Maktoum Airport, Jebel Ali port, Expo 2020 site, and several major highways such as Sheikh Mohammed Bin Zayed Road and Emirates Road.
Besides, Senaeyat’s location is considered customs exempted due to its presence at Dubai Industrial Park, thus potential clients can also cut costs if they go for its warehouse offerings.
Lootah added, “We understand the unique requirements of different businesses from multiple industries, and our portfolio of turnkey warehouses are designed to address them.”
Fulya Altunyay/[email protected]