TECOM Group completes acquisition of Office Park in Dubai Internet City for AED 720 million

TECOM Group PJSC (DFM: TECOM), (the “Company” oregon the “Group”), the creator of specialised concern districts and vibrant communities, done its subsidiary TECOM Investments FZ LLC, has completed the acquisition of Office Park from Emirates REIT for AED 720 million, bolstering its portfolio of premium commercialized assets and reinforcing its starring presumption astatine the forefront of Dubai’s commercialized existent property sector.

Strategically located successful Dubai Internet City, the region's starring tech hub and portion of TECOM Group, Office Park shows the Group's committedness to achieving strategical maturation and steadfast fiscal show done the enlargement of its plus portfolio. This acquisition brings TECOM Group’s plus investments successful 2024 to much than AED 2.7 billion. Office Park is simply a premier Grade-A commercialized plus that volition person an contiguous affirmative interaction connected the Group’s fiscal performance, and volition besides connection promising sustainable output and worth creation.

“The acquisition of Office Park builds connected TECOM Group’s strategical relation successful enabling Dubai’s concern landscape,” said Abdulla Belhoul, Chief Executive Officer of TECOM Group PJSC. “It confirms the Group’s starring presumption successful the city’s commercialized existent property sector, which continues to outperform planetary peers.

“Our exceptional operational and fiscal show allows america to actively code request for Grade-A commercialized and concern assets. Underpinned by robust fundamentals and semipermanent strategies specified arsenic Dubai Economic Agenda ‘D33’, the metropolis is well-placed for further growth. Dubai arsenic a planetary economical and commercialized centre continues to pull caller businesses and endowment and we are perfectly positioned to conscionable existent and aboriginal demand.”

The acquisition of Office Park aligns with the Group’s strategy to pat caller sources of maturation by expanding the worth of its portfolio done the recognition and acquisition of high-quality commercialized existent property assets to leverage the strong, ongoing request for Grade-A commercialized spaces successful Dubai.

Office Park comprises of 5 interconnected blocks, spanning a full Gross Leasable Area (GLA) of 370,761 sq.ft. and features a modern design. Its entreaty is further elevated by the stunning views of Dubai’s shoreline including Palm Jumeirah. The spot boasts an awesome 88% occupancy complaint and serves arsenic a strategical hub for notable planetary firms specified arsenic Coca-Cola, Uber, and Red Hat.

‘Office Park’ – Key Metrics

• Currently generating yearly gross exceeding AED 60 million, with TECOM Group acceptable to recognise this income starting Q4 2024.

• Significant maturation opportunities to optimise rental rates and amended occupancy levels, promising higher returns.

• Solid lawsuit commitments with lease durations spanning much than 2 years, ensuring a dependable income stream.

• Mixed-use installation including offices, retail spaces, and distinguished restaurants.

• Equipped with much than 800 car parking spaces, adding important worth and convenience for customers and visitors.

TECOM Group continues to support its coagulated fiscal position, supported by affirmative leverage ratios, liquidity, and favourable recognition terms, which heighten its fiscal capableness to prosecute strategical acquisitions and prehend disposable maturation opportunities.

The Group financed this acquisition done its interior fiscal resources and disposable recognition facilities. Furthermore, the Group adhered to each marketplace regulations, governance standards, and pursuing champion practices successful enactment with internationally recognised standards.

Follow Emirates 24|7 connected Google News.