Avighna buys Dubai commercial property for Rs 5.55 billion

28 Nov 2024 CW Team

Avighna Group, a prominent real estate developer, has acquired Emaar Business Park-Building 3, a Grade A commercial property in Dubai, for Rs5.55 billion. The transaction was completed through its UAE arm, Avighna Invest, marking the group’s entry into the Gulf Cooperation Council (GCC) market.

Located on Sheikh Zayed Road, the six-storey tower spans 150,000 sq ft of office and retail space, with a 90% occupancy rate. Tenants include notable names such as Standard Chartered, Godiva, Starbucks, and Hamptons. Situated in The Greens at Emirates Living, the property enjoys proximity to Dubai Internet City, Media City, and Palm Jumeirah, enhancing its appeal as a prime business location.

Originally purchased by Bank Muscat’s Izdihar Real Estate Fund from Emaar in 2019, the property is now part of Avighna Group’s global expansion strategy. Managing Director Nishant Agarwal highlighted the acquisition as a step towards diversifying their portfolio with high-quality assets in strategic locations.

Avighna Group, established in the UAE in 1988, is known for its real estate developments in Mumbai, including the iconic One Avighna Park. The group is also developing super-luxury residential projects, Nishika Elysium and Avighna Marquee, in Mumbai’s Worli district, alongside pursuing international opportunities in the UAE, UK, and Europe.

This acquisition underscores Dubai’s growing prominence as a hub for premium real estate investments, driven by its strategic location, robust infrastructure, and business-friendly policies. Porush Jhunjhunwala, CEO of Banke International Properties, emphasized the transaction as a testament to investor confidence in Dubai’s thriving commercial property market.

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