AD Ports raises $80m from sale of Kezad warehouses
AD Ports Group has completed the sale of warehouses in the Kezad logistics park as it moves to redeploy capital in growth sectors.
The global ports operator sold the assets, along with a 50-year land lease in Free Zone 3, to Abu Dhabi-listed Mair Group for AED295 million ($80 million), it said in a statement to the Abu Dhabi bourse on Wednesday.
Free Zone 3 covers a total land area of almost 130,000 square metres, including 60,000 square metres of gross leasable area across four purpose-built blocks designed to support a range of industrial and logistics businesses.
The sales proceeds will be received over two years, including an AED74 million upfront payment.
“The sale strengthens our balance sheet and enables the redeployment of capital into new infrastructure and growth opportunities across our Economic Cities and Free Zones portfolio,” said Abdullah Al Hameli, CEO of economic cities and free zones, AD Ports Group.
AD Ports will provide interim operational and maintenance support to Mair Group for up to three months under a transition services agreement.
In November Abu Dhabi’s largest developer, Aldar, bought two industrial and logistics warehouses in the Kezad free zone from AD Ports.
Further reading:
- AD Ports records highest revenue since market debut
- AD Ports buys $28m PIF stake in Egyptian port operator
- AD Ports navigates Red Sea obstacles to record growth
AD Ports also sold a 9.77 percent stake in the dredging company NMDC Group to Alpha Dhabi Holding for AED1.6 billion.
The divestments align with the business’s strategy to monetise non-core assets when opportune, the company has said.
AD Ports shares closed 0.4 percent lower at AED5.01 on Tuesday, but are up 5 percent in the year to date.
The company has a free float of nearly 25 percent, while sovereign wealth fund ADQ owns a 75 percent stake.
Mair Group closed nearly 4 percent higher at AED1.14 on Tuesday and is up almost 1 percent in the year to date.
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