Page 113 - RED HAT PR REPORT - OCTOBER 2024

10/22/24, 11:54 AM TECOM Group Completes Acquisition of Office Park in Dubai
Office Park: Major Developments

The new Office Park design is highly characterised by a sleek and gleaming

look of Dubai’s skyline, including the Palm Jumeirah, with many facilities such

as retail spaces, and distinguished restaurants. The property currently produces

annual revenue that reaches and exceeds AED 60 million, which TECOM Group

shall capture from Q4 2024.

Key metrics:

-High occupancy rate of 88% and still plenty of growth.

-Tenant commitments for long-term lease leases ensure stable income streams

-Over 800 car parking facilities, thereby enhancing tenant and visitor

convenience

TCOM Group believes it has tremendous scope in yield and occupancy

optimization to be further leveraged for returns on capital invested. With

customer commitments coupled with additional lease terms of over two years,

Office Park is well-positioned for revenue growth.

Financing and Strategic Vision

The acquisition was financed from TECOM’s retained earnings and available

credit facilities. TECOM Group has a sound financial position, anchored by

good leverage ratios and liquidity, and is thus capable of executing strategic

acquisitions in line with long-term goals. The company still adheres to the

market regulations as well as best international practice in governance.

The continued buying by TECOM has seen its position as a significant player in

Dubai’s emerging commercial real estate landscape.

https://www.businessoutreach.in/tecom-group-office-park-acquisition/ 3/3