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Real estate developer Avighna Group has acquired Emaar Business Park, Building 3, located on Sheikh Zayed Road in Dubai, for INR 555 crore through its UAE subsidiary, Avighna Invest. This Grade A commercial tower offers 150,000 sq ft of office and retail space, leased to high-profile tenants such as Standard Chartered, Godiva, and Starbucks. The acquisition marks Avighna Group's entry into the global capability centre market. With an occupancy rate of 90%, the property is strategically positioned near Dubai's key business hubs. The group aims to expand further in the UAE and globally, tapping into high-demand sectors.
Avighna Group, a prominent real estate developer, has acquired the multi-tenanted Emaar Business Park, Building 3, in Dubai from Bank Muscat's Izdihar Real Estate Fund. The transaction, worth INR 555 crore, was completed through its UAE subsidiary, Avighna Invest. Advertisement
The Grade A commercial property, located on the sought-after Sheikh Zayed Road, offers a total of 150,000 sq ft of office and retail space across a six-storey structure. Currently, it is leased to major multinational and regional companies. This acquisition marks Avighna Group's first foray into the segment catering to global capability centres, a rapidly growing sector driven by demand from multinational corporations establishing operational hubs. Izdihar Real Estate Fund had purchased the property from its developer, Emaar, in September 2019.
According to Nishant Agarwal, Managing Director of Avighna Group, the acquisition of Emaar Business Park is a strategic step that aligns with their global expansion vision. He described the property's prime location, design, and its prestigious tenants as factors that significantly enhance their portfolio. The property currently has an occupancy rate of 90%, with tenants including Standard Chartered, Mirage Leisure & Development, Hamptons, Bates Pan Gulf, Injaz Real Estate Trustee, Godiva, and Starbucks. Located in The Greens at Emirates Living, it enjoys proximity to prominent areas such as Dubai Internet City, Media City, Palm Jumeirah, and Dubai Marina.
Agarwal further noted that the company plans to explore new development opportunities in the UAE, emphasising Dubai's remarkable growth, which has been driven by the city's leadership and pro-business environment. Avighna Group, a privately-held investment and real estate development company, has been actively involved in projects across India and the UAE. In Mumbai, the group is undertaking significant projects, including the city's first cluster redevelopment and the twin 61-storey One Avighna Park. The company is also progressing with two luxury residential developments in Mumbai's upscale Worli locality, and is expanding internationally in the UAE, UK, and Europe.
Porush Jhunjhunwala, CEO of Banke International Properties, who advised Avighna Group on the acquisition, stated that this deal reflects the confidence investors have in Dubai's flourishing property market, reinforcing the city's status as a global hub for premium real estate investment. Dubai's commercial real estate market continues to attract global investment, owing to its strategic location, modern infrastructure, and status as a regional business hub. The market remains characterised by high-quality office spaces, business parks, and mixed-use developments, all catering to multinational corporations, startups, and regional businesses.
Avighna Group's acquisition of Emaar Business Park aligns with the company's broader global expansion strategy. This acquisition, featuring a prime location, quality design, and reputable tenants, strengthens Avighna Group's portfolio. With Dubai's commercial real estate market becoming an attractive investment hub, Avighna Group is keen to explore additional development opportunities both in the UAE and internationally. The acquisition reflects confidence in Dubai's thriving market and sets the stage for more global expansions in the future.
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