Real estate developer Avighna Group has acquired a multi-tenanted commercial property, Emaar Business Park, Building 3 in Dubai from Bank Muscat’s Izdihar Real Estate Fund through its UAE arm Avighna Invest for Rs 555 crore.
The Grade A commercial tower on prime Sheikh Zayed Road has a total 150,000 sq ft of office and retail spaces across ground plus six storey structure, leased to leading multinational and regional companies.
This acquisition represents Avighna Group’s entry into the real estate segment catering to global capability centers, a growing sector driven by demand from multinational corporations establishing operational hubs.
Izdihar Real Estate Fund had bought the commercial asset from its developer Emaar in September 2019.
“The acquisition of Emaar Business Park – Building 3 is a strategic step aligned with our vision to expand our real estate holdings globally. The property’s prime location, its exceptional design, and blue-chip tenants make it an invaluable addition to our portfolio,” said Nishant Agarwal, MD, Avighna Group, which has a presence in diversified businesses in UAE since 1988.
The property’s current occupancy level is 90% with key tenants such as Standard Chartered, Mirage Leisure & Development, Hamptons, Bates Pan Gulf, Injaz Real Estate Trustee, Godiva, and Starbucks. Located in The Greens at Emirates Living, the property is in proximity to Dubai Internet City, Media City, Palm Jumeirah, and Dubai Marina.
According to Agarwal, the company will actively explore new development opportunities in the UAE as well as the group that was established in the UAE over 36 years ago has witnessed Dubai’s remarkable growth, driven by leadership and a pro-business environment.
Avighna Group is a privately-held investment, real estate development company with offices in India and UAE. The company has been undertaking real estate development projects in Mumbai including the city’s first cluster redevelopment project, twin 61-storey One Avighna Park, spread over 6.7 acres in Central Mumbai.
The company is currently working on two new super luxury residential projects Nishika Elysium and Avighna Marquee in Mumbai’s plush Worli locality. The group is also expanding its footprint globally through acquisitions as well as greenfield projects in international markets such as UAE, the UK and Europe.
“This transaction reflects the confidence investors have in Dubai’s thriving property market and underscores Dubai’s position as a global hub for premium real estate investment,” said Porush Jhunjhunwala, CEO of Banke International Properties that acted as advisors to Avighna Group for the transaction.
Dubai’s commercial real estate market has emerged as a focal point for global investment funds due to its strategic geographic location, robust infrastructure, and status as a regional business hub. The sector is characterized by high-grade office spaces, business parks, and mixed-use developments, catering to multinational corporations, startups, and regional businesses.
