Avighna Group buys Emaar Business Park in Dubai for Rs 5.55 billion

27 Nov 2024 CW Team

Real estate developer Avighna Group has acquired Emaar Business Park, Building 3, a multi-tenanted commercial property in Dubai, from Bank Muscat’s Izdihar Real Estate Fund through its UAE arm, Avighna Invest, for Rs 5.55 billion. The Grade A commercial tower, located on the prime Sheikh Zayed Road, offers a total of 150,000 sq ft of office and retail spaces across a ground plus six-storey structure, leased to leading multinational and regional companies.

This acquisition marks Avighna Group’s entry into the real estate segment catering to global capability centres, a growing sector driven by the demand from multinational corporations establishing operational hubs. Izdihar Real Estate Fund had purchased the property from its developer, Emaar, in September 2019.

Nishant Agarwal, the Managing Director of Avighna Group, stated that acquiring Emaar Business Park – Building 3 is a strategic move aligned with the group’s vision to expand its global real estate holdings. He emphasized that the property’s prime location, exceptional design, and blue-chip tenants make it an invaluable addition to their portfolio. Avighna Group, which has been present in diversified businesses in the UAE since 1988, sees this as a major step forward.

The property currently enjoys an occupancy level of 90 per cent, with key tenants including Standard Chartered, Mirage Leisure & Development, Hamptons, Bates Pan Gulf, Injaz Real Estate Trustee, Godiva, and Starbucks. Situated in The Greens at Emirates Living, the property is conveniently located near Dubai Internet City, Media City, Palm Jumeirah, and Dubai Marina.

Agarwal also mentioned that the company intends to actively explore new development opportunities in the UAE. He noted that the group, which has been established in the UAE for over 36 years, has witnessed Dubai’s remarkable growth, driven by its leadership and pro-business environment.

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