TECOM Group Acquires Office Park for AED 720 Million

Shahba Mayyeri -

TECOM Group PJSC (DFM: TECOM), a leader in specialized business districts and vibrant communities, has successfully acquired Office Park from Emirates REIT for AED 720 million.

This strategic acquisition bolsters TECOM’s portfolio of premium commercial assets and reinforces its prominent position in Dubai’s commercial real estate sector.

Situated in Dubai Internet City, the region's foremost tech hub, Office Park reflects TECOM Group’s commitment to sustainable growth and robust financial performance. With this acquisition, TECOM Group's total asset investments for 2024 exceed AED 2.7 billion, promising immediate positive impacts on the Group’s financial outlook and delivering sustainable yields and value creation.

“The acquisition of Office Park solidifies TECOM Group’s strategic role in shaping Dubai’s business landscape,”

stated Abdulla Belhoul, CEO of TECOM Group PJSC.

“It highlights our leading position in the commercial real estate sector, which is outpacing global counterparts.”

Office Park comprises five interconnected blocks with a Gross Leasable Area (GLA) of 370,761 sq. ft. and boasts modern design elements alongside breathtaking views of Dubai’s shoreline, including Palm Jumeirah. Currently, the property maintains an impressive 88% occupancy rate and serves as a strategic hub for notable global firms such as Coca-Cola, Uber, and Red Hat.

The facility, generating annual revenue exceeding AED 60 million, offers significant opportunities for growth through optimized rental rates and improved occupancy levels. With long-term lease commitments and mixed-use facilities, including offices, retail spaces, and distinguished restaurants, TECOM Group is well-positioned to meet the ongoing demand for Grade-A commercial spaces in Dubai.

The acquisition was financed through internal resources and available credit facilities, adhering to market regulations and governance standards, further enhancing TECOM Group’s ability to pursue strategic opportunities.

News Source: Dubai Media Office