Abu Dhabi Ports Group announced yesterday the completion of the sale of the assets of 'Kizad Logistics Services - Free Zone 3' in the emirate of Abu Dhabi. The complex includes a number of industrial and logistics warehouses in the free zone. The 'Kizad Logistics Services - Free Zone 3' complex is located within the 'Kizad Managed' area, characterized by its proximity to Khalifa Port and direct access to major transport corridors, providing high efficiency in connecting with regional and global markets. According to a statement by 'Abu Dhabi Ports', the deal includes the sale of the warehouses along with a 50-year lease agreement, for a total value of 295 million dirhams, to be paid over two years, including an initial payment of 74 million dirhams. The proceeds from the transaction will be used to support the group's financial position and reduce liabilities. The 'Kizad Logistics Services - Free Zone 3' complex spans a total area of 128,451 square meters, with a total leasable area of 59,822 square meters, distributed across four ready-built warehouses developed to specific specifications and designed to serve a wide range of industrial and logistics activities. The deal stipulates that Abu Dhabi Ports will provide operational and maintenance services for a temporary period of up to three months to 'MIR' group under a transition services agreement, to ensure a smooth handover of the assets. Abdullah Al Hamli, CEO of Economic Cities and Free Zones at Abu Dhabi Ports Group, stated that the sale of 'Kizad Logistics Services - Free Zone 3' to the 'MIR' group reflects the group's approach to reallocating capital in a calculated manner and focusing on achieving the maximum possible value from its ready assets, while retaining long-term rights to strategically important lands through lease agreements. He added that the deal contributes to strengthening the group's financial position and redirecting capital towards new infrastructure development projects.
