Knight Frank, the leading global real estate consultancy firm has just successfully leased an impressive 1,000,000 sq.ft commercial facility in Jebel Ali, to CARS24, the largest e-commerce platform for pre-owned vehicles. With a total contract value in excess of AED 40million, this is one of Dubai’s largest ever leasing deals on record.
With a company value of over $2 billion dollars, CARS24 is revolutionising the way pre-owned cars are bought in the UAE, through their next generation, ecommerce platform for used cars and this new site location brokered through Knight Frank will allow further expansion of their business.
The magnitude and value of this commercial leasing deal adds to Knight Frank’s impressive client and transactional portfolio, as they continue to expand their Middle East Commercial Agency team across the region.
Commenting on the transaction, Andrew Love, Partner and Head of Commercial Agency at Knight Frank Middle East said “This is a fantastic result for Cars24, who are now one of the largest used car retailers in the UAE region. We have no doubt that their new commercial site will serve them well over the coming years and will give them the added capabilities to expand and grow their business here.”
After having leased one of the most premium commercial facilities in Jebel Ali, Abhinav Gupta, CEO, Gulf Region at CARS24 stated that, “This is a milestone for us in the UAE and it will certainly be one of the highlights of our presence in this market. We would like to thank Knight Frank for supporting us in finding this excellent strategic location which will further help us build and expand our presence in the GCC. In just over six months we have sold 2000 plus pre-owned cars and we now want to elevate our business to the next level. Now we have such an expansive facility, this will no doubt prove to be an important turning point for our business, as we continue to build our success story in the Middle East.
Mikhail Vereshchagin, Commercial Agent at Knight Frank Middle East commented “It’s been a pleasure to work closely with the CARS24 team, both here in the UAE and in India to complete this leasing deal and help provide them with such an impressive commercial facility. It’s very rare that a deal of this magnitude is finalised in such a short timeframe, having been completed within 3 months and shows the professionalism of all parties involved.”
