UAE – Mubasher: Harish Fabiani, the founder of Indialand Group, has acquired Thuraya Telecommunications Tower in Dubai’s Barsha Heights, according to a press release.
The 22-storey commercial building costs around AED 160 million in addition to more than AED 40 million expected to be invested in post-acquisition upgrades.
The tower spans a total built-up area of 348,000 square feet, with 143,000 square feet dedicated to premium office and retail spaces.
The Thuraya Telecommunications Tower was formerly owned by Thuraya Telecommunications Company, a mobile-satellite service provider under Yahsat Space Services, Space42.
Indialand is currently preparing to list its Indian real estate assets with a valuation exceeding $1 billion within the next 18 to 24 months.
Fabiani commented on the transaction: “With the addition of Thuraya Telecommunications Tower, our commercial assets portfolio in Dubai now surpasses AED 500 million.”
“Over the next 12 to 18 months, we aim to double our portfolio to over AED 1 billion and take significant steps toward launching a commercial REIT listing in the UAE,” he added.
