Page 101 - RED HAT PR REPORT - OCTOBER 2024

10/22/24, 11:53 AM TECOM Group acquires Office Park in Dubai Internet City for $196 million
In addition, the acquisition of Office Park aligns with TECOM Group’s strategy to tap new sources
of growth by increasing the value of its portfolio through the identification and acquisition of high-
quality commercial real estate assets to leverage the strong, ongoing demand for grade-A
commercial spaces in Dubai.
Read: Key trends shaping Abu Dhabi’s property market in Q3 2024
Over AED60 million in revenues
Office Park comprises five interconnected blocks, spanning a total gross leasable area of 370,761
sq.ft. In addition, it features a modern design overlooking Dubai’s shoreline including Palm
Jumeirah. The property boasts an impressive 88 percent occupancy rate and serves as a strategic hub
for notable global firms such as Coca-Cola, Uber, and Red Hat.
Currently generating annual revenue exceeding AED60 million, TECOM Group will recognize this
income starting Q4 2024. The group also has significant growth opportunities to optimize rental
rates and improve occupancy levels, promising higher returns.
The group financed this acquisition through its internal financial resources and available credit
facilities. Furthermore, it adhered to all market regulations and governance standards, following
international best practices.
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