October 21st, 2024: Dubai-TECOM Group PJSC has officially made an AED 720 million investment in the acquisition of Office Park, which remains one of the star commercial properties of Dubai Internet City, the leading technology park in the region.
In addition to enhancing TECOM’s commercial assets portfolio, this acquisition also further cements the position of the company in Dubai’s fast-changing real estate landscape.
With the conclusion of this deal, the company’s investments in 2024 stand at AED 2.7 billion. This demonstrates the company’s desire to invest for the longer term.
Office Park is 370,000 square feet in size with a grade A commercial asset and 88 percent current occupancy. The property is occupied by many global brands including Coca-Cola, Uber, and Red Hat; hence its position as a regional headquarters is well reinforced.
The acquisition of Office Park builds on TECOM Group’s strategic role in enabling Dubai’s business landscape,”
Abdulla Belhoul, Chief Executive Officer of TECOM Group PJSC remarked.
The transaction is consistent with TECOM’s strategy of growing its portfolio of high-end assets to take advantage of the growing demand for grade A offices in Dubai, as facilitated by key initiatives like the Dubai Economic Agenda ‘D33’.
According to TECOM, the results of the Office Park acquisition will be beneficial to its operations from the fourth quarter of 2024. They will allow the Group to achieve stable income and creation of value.
The acquisition was funded through TECOM’s internal financial resources and credit facilities which emphasize its robust financial standing.
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