Page 106 - RED HAT PR REPORT - OCTOBER 2024

10/22/24, 11:54 AM TECOM acquires Dubai Internet City’s Office Park for $195M - CW Property Middle East

The acquisition of Off ice Park strengthens T ECOM Group’s position as a leading
player in Dubai’s commercial real estate market, which continues to outperform its
global counterparts. According to Abdulla Belhoul, CEO of T ECOM Group PJSC, the

move signals T ECOM’s strategic role in shaping Dubai’s business landscape and
meeting the demand for premium commercial spaces.

“ The acquisition of Off ice Park builds on T ECOM Group’s strategic role in enabling
Dubai’s business landscape,” Belhoul said. “It conf irms the Group’s leading position
in the city’s commercial real estate sector, which continues to outperform global
peers. Dubai, as a global economic and commercial hub, is well-positioned for

further growth, and we are perfectly positioned to meet the increasing demand for
Grade-A commercial and industrial assets.”

With its strategic location, modern design, and prestigious tenants, Off ice Park
enhances T ECOM Group’s ability to capitalise on the growing demand for high-
quality commercial spaces in Dubai. The property boasts a Gross Leasable Area
(GLA) of 370,761 sq. ft., with a current occupancy rate of 88%, making it an attractive
asset in the Group’s expanding portfolio.

Off ice Park’s prime location in Dubai Internet City, combined with its modern

facilities and breathtaking views of Dubai’s iconic skyline, has already attracted
global f irms such as Coca-Cola, Uber, and Red Hat. The property features f ive
interconnected blocks and a mixed-use design, offering not only off ice spaces but
also retail outlets and distinguished restaurants, making it a central hub for
businesses and professionals in the city.

Key highlights of Office Park include:

Annual revenue exceeding Ü17 million (AED 60 million), with T ECOM Group set to

recognise this income starting from Q4 2024.

Long-term lease commitments from top-tier tenants, ensuring a steady income

stream.

Opportunities to optimise rental rates and increase occupancy levels, leading to

higher returns.

Over 800 parking spaces, adding convenience for both tenants and visitors.

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