Avighna Group Expands into GCC Market with Acquisition of Emaar Business Park-Building 3 in Dubai
Avighna Group, a renowned real estate developer, has made its entry into the Gulf Cooperation Council (GCC) market with the acquisition of Emaar Business Park-Building 3 in Dubai. The transaction, worth Rs5.55 billion, was completed through their UAE arm, Avighna Invest. This move is a part of Avighna Group’s global expansion strategy to diversify their portfolio with high-quality assets in strategic locations.
An Exceptional Commercial Property in Prime Business Location
Emaar Business Park-Building 3 is a Grade A commercial property located on Sheikh Zayed Road. This six-storey tower boasts 150,000 sq ft of office and retail space, with an impressive 90% occupancy rate. Among the prestigious tenants are globally recognized names such as Standard Chartered, Godiva, Starbucks, and Hamptons. Additionally, the property’s advantageous position within The Greens at Emirates Living ensures close proximity to business hubs like Dubai Internet City, Media City, and Palm Jumeirah, further enhancing its allure as a prime business location.
A Strategic Move by Avighna Group
Recently, the property was owned by Bank Muscat’s Izdihar Real Estate Fund, which acquired it from Emaar in 2019. Avighna Group’s Managing Director, Nishant Agarwal, highlighted the acquisition as a significant step towards their strategic expansion plans. By investing in high-quality assets in prime locations, the group aims to diversify its portfolio and strengthen its presence in the global real estate market.
A Well-Established Name in the Real Estate Industry
Avighna Group, established in the UAE in 1988, has built a strong reputation as a real estate developer. Their notable projects include the iconic One Avighna Park in Mumbai. In addition to their ventures in Mumbai, the group is currently working on super-luxury residential projects, namely Nishika Elysium and Avighna Marquee, located in Mumbai’s Worli district. Avighna Group is also actively pursuing international opportunities in the UAE, UK, and Europe, demonstrating their commitment to global growth.
Dubai’s Attractiveness as a Real Estate Investment Destination
This acquisition further highlights Dubai’s rising prominence as a hub for premium real estate investments. The city’s strategic location, robust infrastructure, and business-friendly policies make it an attractive destination for both local and international investors. Porush Jhunjhunwala, the CEO of Banke International Properties, emphasized the confidence that this transaction demonstrates in Dubai’s thriving commercial property market.
With Avighna Group’s foray into the GCC market through the acquisition of Emaar Business Park-Building 3, the real estate developer not only strengthens its global presence but also recognizes the immense potential and prospects that Dubai offers as a prime location for real estate investments.
