"Abu Dhabi Ports" A deal was concluded to sell warehouses to the Mir Group for a value of 295 million dirhams
ABU DHABI, 21st JANUARY / WAM / Abu Dhabi Ports Group announced today the completion of the sale of the assets of the “Kizad Logistics Park – Free Zone 3” in the Emirate of Abu Dhabi, which includes a number of industrial and logistics warehouses in the free zone, to the Mir Group.
The “Kizad Logistics Complex – Free Zone 3” is located within the Kizad Al Maamoura region, and is distinguished by its proximity to Khalifa Port, in addition to its direct connection to major transport corridors that provide high efficiency in connecting with regional and global markets.
The deal includes the sale of warehouses, in addition to a 50-year Musataha agreement, with a total value of 295 million dirhams, to be paid over two years, including an advance payment of 74 million dirhams, while the proceeds of the deal will be directed to support the group’s financial position and reduce liabilities.
The “Kizad Logistics Complex – Free Zone 3” extends over a total area of 128,451 square meters, while the total leasable area is 59,822 square meters, distributed among four ready-made warehouses that were developed with special specifications and designed to serve a wide spectrum of industrial and logistical activities.
Abdullah Al Hameli, CEO of Economic Cities and Free Zones at Abu Dhabi Ports Group, said that the deal to sell the “Kizad Logistics Complex – Free Zone 3” to the Mir Group reflects the group’s approach to reemploying capital in a thoughtful manner, and its focus on achieving the greatest possible value from its ready assets, while maintaining long-term rights in lands of strategic importance through Musataha agreements, indicating that the deal contributes to strengthening the group’s financial position and redirecting capital towards new infrastructure development projects, including It opens additional growth horizons within the portfolio of economic cities and free zones.
The deal stipulates that Abu Dhabi Ports Group will provide operation and maintenance services for a temporary period of up to three months to Mir Group, under a transitional services agreement, with the aim of ensuring the smooth delivery of assets.
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