{"id":96388,"date":"2024-10-02T00:00:00","date_gmt":"2024-10-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/tecom-acquires-a-aed-720-mn-asset-in-dubai-internet-city\/"},"modified":"2024-10-02T00:00:00","modified_gmt":"2024-10-02T00:00:00","slug":"tecom-acquires-a-aed-720-mn-asset-in-dubai-internet-city","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/02\/tecom-acquires-a-aed-720-mn-asset-in-dubai-internet-city\/","title":{"rendered":"Tecom acquires a AED 720 mn asset in Dubai Internet City"},"content":{"rendered":"

Business district developer<\/strong> Tecom Group inked a binding MoU with Emirates <\/strong>REIT to acquire a AED 720 mn commercial <\/strong>asset in Dubai Internet City <\/strong>from the real estate investment trust, according to a DFM disclosure (pdf)<\/a>. The asset features five interconnected buildings extending over a span of 371k sqft in the Office Park corporate hub, with an 88% occupancy rate.<\/p>\n

What\u2019s next?<\/strong> Emirates REIT\u2019s shareholders still need to approve the transaction at their upcoming extraordinary general assembly on 15 October, according to a Nasdaq Dubai disclosure<\/a>.<\/p>\n

Emirates REIT has been exploring refinancing and divestment options <\/strong>as it looks to finance its US<\/a>D 304.7 mn outstanding sukuk payment<\/a>. Previously issued in December 2022 with a two year maturity date, the trust extended the sukuk\u2019s maturity date by one year recently. The certificates\u2019 owing amount went down from USD 380 mn after it sold the Trident Mall<\/a> in Jumeirah Beach Residence (JBR) for AED 74 mn. It now needs to reduce that owing amount further to USD 230 mn by December, Zawya<\/a> reported previously.<\/p>\n

REMEMBER- Tecom is currently executing <\/strong>AED 2 bn<\/a><\/strong> worth of strategic acquisitions<\/strong> and developments.<\/strong> This plan involves investing AED 966 mn<\/a> to acquire commercial and industrial assets from Dubai Holding Asset Management. It will also develop Grade A offices in Dubai Design District (d3) for AED 825 mn<\/a>, planned for handover in 2028, and an Innovation Hub in Dubai Internet City.<\/p>\n

The rationale:<\/strong> These development plans are capitalizing on strong demand for office spaces and industrial assets in Dubai, with Tecom\u2019s existing assets reaching occupancy levels of 93% in 4Q 2023. <\/p>\n

\n

OTHER M&A NEWS-<\/p>\n

#1- <\/strong>Bawan pushes deadline on Pet<\/strong>ronash acquisition: <\/strong>Saudi building materials manufacturer Bawan has pushed back the timeline on its takeover of UAE-based Petronash Global, it said in a filing to Tadawul<\/a>. The two companies were initially scheduled to sign a sale and purchase agreement on 30 September, but still have to round off required procedures before turning their USD 175 mn MoU<\/a> into a final document. The signing is now expected to happen during October, the filing said, without specifying when during the month.<\/p>\n

ADVISORS-<\/strong> Bawan tapped PwC as its financial advisor on the transaction, while Piper Sandler is advising Petronash.<\/p>\n

#2- Alpha Dhabi Holding (ADH) completed the sale of 49% of its subsidiary<\/strong> \u2014 Alpha Dhabi Construction Holding \u2014 to Abu Dhabi sovereign wealth fund ADQ, retaining 51% of the shareholding, according to an ADX disclosure (pdf)<\/a>. ADH received shareholder approval<\/a> for this move at a general assembly meeting in June. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company is planning to invest a total of AED 2 bn in upcoming projects<\/p>\n","protected":false},"author":1,"featured_media":96389,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[87,1364,7,60,98,1637],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-dubai","tag-emirates-reit","tag-enterpriseam-uae","tag-ma-watch","tag-real-estate","tag-tecom","wpautop","entry"],"acf":{"mongo_id":"eb5cbeb4-6418-4c83-b567-be3629d443bb","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2040.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Tecom acquires a AED 720 mn asset in Dubai Internet City from Emirates REIT","related_issue":[96378],"teaser":"The company is planning to invest a total of AED 2 bn in upcoming projects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.6933c807-a0e7-432a-af80-fa4c6f7b109d.mp3"},"yoast_head":"\nTecom acquires a AED 720 mn asset in Dubai Internet City - 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