Avighna Group Acquires Emaar Business Park 3 in Dubai for Rs 555 Crore
Mumbai-based real estate firm Avighna Group has purchased Emaar Business Park 3, a mixed-use commercial property in Dubai, for approximately Rs 555 crore. The 1,50,000 square feet property, located on Sheikh Zayed Road, is a strategic acquisition for Avig
Avighna GroupDubai Real EstateEmaar Business Park 3Sheikh Zayed RoadCommercial PropertyReal Estate MumbaiNov 27, 2024
The purchase was made through Avighna Invest, the firm's United Arab Emirates-based arm. Emaar Business Park 3, a six-storey building, is situated in The Greens at the Emirates Living development, a popular residential and commercial area in Dubai.
Avighna Group, which has a strong presence in Mumbai with notable developments such as One Avighna Park and Avighna House, has been active in Dubai for over three decades. The property was previously held by Bank Muscat's Izdihar Real Estate Fund.
Nishant Agarwal, Managing Director of Avighna Group, expressed his enthusiasm about the acquisition, stating, “We are excited to finally be a part of Dubai’s thriving real estate sector and will actively explore new development opportunities in the UAE as well.” The group has witnessed Dubai’s remarkable growth, driven by visionary leadership and a pro-business environment.
Banke International Properties, a Dubai-based real estate advisory firm, facilitated the transaction. Porush Jhunjhunwala, CEO of Banke International, commented, “This deal underscores investors' confidence in Dubai's real estate market. The city’s growing demand for Grade-A commercial spaces is driven by its robust economy, business-friendly environment, and a vision for sustainable growth.”
Emaar Business Park 3 is already home to prominent regional and multinational companies. Avighna Group plans to continue exploring more deals in the UAE, leveraging its long-standing presence in the country and its deep understanding of the local market.
With this strategic acquisition, Avighna Group positions itself as a key player in the Dubai real estate market, poised to capitalize on the city's continued economic growth and development.
Frequently Asked Questions
What is Emaar Business Park 3?
Emaar Business Park 3 is a mixed-use commercial development in Dubai, located in The Greens at the Emirates Living development. It is a six-storey building with approximately 1,50,000 square feet of commercial and retail spaces.
Who is the Avighna Group?
The Avighna Group is a Mumbai-based real estate firm with a significant presence in both Mumbai and Dubai. It has been active in the UAE for over three decades and has developed notable projects such as One Avighna Park and Avighna House.
Why did Avighna Group acquire Emaar Business Park 3?
Avighna Group acquired Emaar Business Park 3 to expand its footprint in the UAE and capitalize on the growing demand for Grade-A commercial spaces in Dubai, driven by the city's robust economy and business-friendly environment.
What is the location of Emaar Business Park 3?
Emaar Business Park 3 is located on Sheikh Zayed Road, one of the main arterial roads in Dubai, and is situated in The Greens at the Emirates Living development.
Who facilitated the transaction for Avighna Group?
The transaction was facilitated by Banke International Properties, a Dubai-based real estate advisory firm.
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