Emaar Business Park–Building 3 Acquisition Boosts Portfolio with Prime Grade-A Commercial Space

Mumbai, November 25, 2024: Avighna Group, a leading name in India’s real estate sector, has marked its entry into the GCC market with a landmark acquisition in Dubai. Through its UAE arm, Avighna Invest, the group has acquired Emaar Business Park–Building 3 for AED 240 million (approximately INR 555 crore). This Grade-A commercial property, located on Sheikh Zayed Road, was previously held by Bank Muscat’s Izdihar Real Estate Fund.

The G+6 building, situated in The Greens at Emirates Living, spans 150,000 sq. ft. of premium commercial and retail spaces. It is currently leased to prominent multinational and regional companies. With its granite-and-glass façade, strategic location near Dubai Internet City, Media City, Palm Jumeirah, and Dubai Marina, and seamless connectivity via metro and road networks, the property stands as a coveted commercial address in Dubai.

Strategic Expansion into Dubai
Nishant Agarwal, Managing Director of Avighna Group, highlighted the strategic importance of this acquisition, stating, “The acquisition of Emaar Business Park – Building 3 aligns with our vision to expand globally. This property’s prime location, impeccable design, and blue-chip tenants make it an invaluable addition to our portfolio.”

The move marks Avighna Group’s first foray into Dubai’s real estate market, despite the group’s longstanding presence in the UAE since 1988. Known for transforming Mumbai’s skyline with iconic projects like the 61-storey One Avighna Park, the group is now setting its sights on Dubai’s thriving property market. Agarwal added, “Dubai’s remarkable growth, driven by visionary leadership and a pro-business environment, presents immense opportunities. We are excited to contribute to and grow within this dynamic market.”

Market Dynamics: Dubai’s Premium Commercial Real Estate
Dubai’s commercial real estate market has witnessed a surge in demand for Grade-A office spaces, fueled by a robust economy and sectors like banking, logistics, and real estate. Rising rentals and capital values underscore the market’s strength, with new supply expected only in the next 4–5 years.

Porush Jhunjhunwala, CEO of Banke International Properties, which advised Avighna Group on this transaction, commented, “This deal reflects investors’ confidence in Dubai’s property market and the city’s position as a global hub for premium real estate investment.”

About Avighna Group
Avighna Group is a privately-held powerhouse in investment, real estate, and development, with offices in India and the UAE. Known for reshaping Mumbai’s skyline, the group executed the city’s first cluster redevelopment project, transforming 6.7 acres of erstwhile tenements into a vibrant luxury community. Notable projects include One Avighna Park and Avighna House, which set benchmarks in residential and commercial spaces.

Expanding beyond Indian shores, the group is now focusing on global markets, including the UAE, UK, and Europe, through acquisitions and greenfield projects. With the acquisition of Emaar Business Park–Building 3, Avighna Group has taken a decisive step in its journey toward international growth.

Dubai’s Thriving Commercial Real Estate Outlook
As Dubai continues to cement its reputation as a hub for global business, the demand for premium commercial spaces remains high. Limited supply, combined with strong demand from sectors such as business services and finance, has positioned the market for substantial growth in both capital values and rentals.

Avighna Group’s entry into Dubai signals not just an expansion of its portfolio but also a growing recognition of the GCC region’s immense potential for high-value real estate investments.