TECOM Group’s asset investments in 2024 reached AED 2.7 billion ($740 million) after completing the acquisition of Office Park from Emirates REIT for AED 720 million ($196 million).
Strategically located in Dubai Internet City, Office Park is a prime Grade-A commercial asset that will immediately impact the Group’s financial performance positively and offer promising sustainable yield and value creation.
The acquisition was done through its subsidiary, TECOM Investments FZ.
Abdulla Belhoul, Chief Executive Officer of TECOM Group, said: “The acquisition of Office Park builds on TECOM Group’s strategic role in enabling Dubai’s business landscape.
“It confirms the Group’s leading position in the city’s commercial real estate sector, which continues to outperform global peers.
“Our exceptional operational and financial performance allows us to actively address the demand for Grade-A commercial and industrial assets. Underpinned by robust fundamentals and long-term strategies such as Dubai Economic Agenda ‘D33’, the city is well placed for further growth.”
Office Park comprises five interconnected blocks, spanning a total Gross Leasable Area (GLA) of 370,761 square feet. It already has an 88 per cent occupancy rate and is a strategic hub for notable global firms such as Coca-Cola, Uber, and Red Hat.
Office Park currently generates annual revenue exceeding AED60 million ($16.34 million), and TECOM Group will recognise this income starting Q4 2024. The Group also expects significant growth opportunities to optimise rental rates and improve occupancy levels, promising higher returns. The property has over 800 car parking spaces, adding significant value and convenience for customers and visitors.
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