Knight Frank leased an impressive 1,000,000 sq.ft commercial facility in Jebel Ali, to CARS24, the largest eCommerce platform for pre-owned vehicles. With a total contract value worth more than Dhs40million, this is one of Dubai’s largest ever leasing deals on record.
With a company value of over USD2 billion dollars, CARS24 is revolutionising the way used 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.
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 2,000 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.”