Mumbai-based Avighna Group acquires Dubai mixed-use property for Rs 555 crore

Avighna established a presence in Dubai more than three decades ago. The building was held by a real estate fund of Bank Muscat

Avighna Group has purchased Emaar Business Park 3, a mixed-use commercial development in Dubai, for around Rs 555 crore, the Mumbai-based realty firm has said.

Developed by the Emirati real estate firm Emaar, the property was held by Bank Muscat's Izdihar Real Estate Fund, the company said in a release on November 27.

The Avighna Group purchased the property through its United Arab Emirates-based arm Avighna Invest. The property, which has around 1,50,000 square feet of commercial and retail spaces, is located on Sheikh Zayed Road, the main arterial road in Dubai, on which many prominent developments, including a number of the city's skyscrapers, are located.

Emaar Business Park 3, a six-storey building, is located in The Greens at Emirates Living development.

In Mumbai, the Avighna Group's most prominent development is the One Avighna Park residential twin towers near Lower Parel and the Avighna House commercial development in Worli.

The Emaar Business Park 3 has been leased out to prominent regional and multinational companies. Avighna said it will continue to explore more deals in the UAE, having established its presence in the country decades ago.

The group was established in the UAE over 36 years ago and has witnessed Dubai’s remarkable growth, driven by visionary leadership and a pro-business environment. “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," Avighna Group managing director Nishant Agarwal said.

Dubai-based Banke International Properties acted as the advisors for the transaction for the Avighna Group. In a statement, Porush Jhunjhunwala, the chief executive officer for Banke International, said the 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," Jhunjhunwala said.