Dubai – Mubasher: Tecom Investments FZ LLC, a subsidiary of Tecom Group, has completed the acquisition of Office Park from Emirates REIT at a value of AED 720 million, according to a press release.
Following the transaction, the UAE-based group will widen its portfolio of premium commercial assets and anchor its leading position at the forefront of Dubai’s commercial real estate sector.
Located in Dubai Internet City, Office Park aligns with Tecom’s commitment to achieving strategic growth and solid financial performance through the expansion of its asset portfolio.
This acquisition brings the group’s asset investments in 2024 to more than AED 2.70 billion. The prime Grade-A commercial asset will have an immediate positive impact on its financial performance.
With annual revenue exceeding AED 60 million, the DFM-listed company is expected to recognise this income during the fourth quarter (Q4) of 2024.
The group penned the acquisition deal with Emirates REIT on 30 September 2024.
