Completion of a major upgrade to a flagship tower worth $69 million
ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management,
has completed an ambitious renovation of its flagship property in Al Thuraya 1 Tower,
creating an upscale, contemporary and functional office destination in Dubai Media City.
Design Features
The project started in June 2021 and was executed by KPS in-house contracting company where Savills acted as project manager and cost consultant.
Since completing a $5.9 million comprehensive renovation, already high levels of interest have resulted in new tenants acquiring 1,672 square meters of office space in the building.
Reflecting the increasing demand from potential commercial tenants seeking quality workspaces with desirable amenities in a prominent area.
The successful completion of this major upgrade of Al Thuraya 1 tower, ENBD REIT, is good for ushering in a new phase in the development of the office rental market in Dubai.
Many tenants are looking for high-quality spaces, prioritizing the health and comfort of their employees in an aesthetically appealing modern environment.
Emirates NBD REIT’s largest asset
The upgrade included a comprehensive fit-out of the lobby and entrance to the building as well as hallways,
stairs and communal bathrooms, including lighting and tiles throughout the tower.
Elevators, fire exits and the podium were also developed as part of this project.
In addition to the improved design and décor, prayer rooms, yoga and fitness facilities,
and additional access for people of determination have been added.
There are clear signs of stability in the real estate market in Dubai after a difficult period,
especially with the high occupancy rates in the main building.
Al Thuraya Tower 1, valued at $69 million, is one of the largest assets representing 19% of the value of the Emirates NBD REIT portfolio,
which includes 11 buildings in Dubai across office, retail and alternative sectors.
ENBD REIT
ENBD REIT is a closed-end investment firm in the Dubai International Financial Center formed by Emirates NBD Asset Management Limited (the Fund Manager),
to invest in a diversified portfolio of Shariah-compliant properties, with a primary focus on the UAE.
ENBD REIT is managed by Emirates NBD Asset Management,
an award-winning asset management firm in the United Arab Emirates.
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