Lootah Real Estate Development launches first lease-to-own industrial warehouses
Lootah Real Estate Development (Lootah), one of the region’s most prominent real estate developers, announced the launch of Senaeyat, a company that provides lease-to-own industrial warehouses for businesses of different sizes.
Located in a major industrial growth hub in Dubai, 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 has acquired three million square feet land for 49 years with Dubai Industrial Park to establish Senaeyat, an industrial warehouse development project in Dubai Industrial Park.
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 has acquired a total of three million square feet for the whole project in Dubai Industrial Park, which will be offered in two phases. The first one includes one million square feet, and the second, two million square feet.
The 1st phase of the project has four different built-up areas – 20,000 sqft, 24,000 sqft, 30,000 sqft, 36,000 sqft – to cater to diverse market segments, especially focusing on the underserved market of small to medium-sized industries. 2nd phase will have the same size options, in addition to bigger built-up areas – 50,000 sqft and 60,000 sqft.
According to the Saleh Lootah, Senaeyat’s wide range of modern specifications is a response to the growing demand for such warehouses in the market, as these European models aren’t widely available. The warehouses will also be ready-to-use upon handover.
“We understand the unique requirements of different businesses from multiple industries, and our portfolio of turnkey warehouses are designed to address them,” added Saleh Lootah.
Potential clients can also 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.
Senaeyat’s location is also 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.
Senaeyat also offers the warehouses on competitive rates to counter the current fluctuating prices in the market.
“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,” explained Saleh Lootah.
Saleh Abdullah Lootah added that Senaeyat project brought by Lootah actively supports the Dubai Industrial Strategy 2030, enabling the growth for the industrial ecosystem, providing clients with an important resource to achieve short to long-term goals. Additionally, Senaeyat keeps its alignment with Dubai’s expansion plans, placing clients in future growth areas.
Lootah has been in the industry for long, being one of the pioneer real estate companies in Dubai. It has developed major residential and commercial and has since been setting benchmarks for urban development.
Dubai Industrial Park, one of the largest industrial and manufacturing hubs in Dubai, 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.