The Banking Executive Magazine - May 2022 Issue

ENBD REIT, a shari'a-compliant real estate investment trust managed by Emirates NBD Asset Management, said it has completed a major up- grade of its flagship Al Thuraya Tower 1 property within Dubai Media City, thus creating a modern and functional high-end office desti- nation. The project, which began in June last year, was carried out by interior con- tractor KPS with Savills acting as project manager and cost consultant. Since completing the AED22 million ($6 million) comprehensive refur- bishment, high levels of interest have already resulted in new tenants se- curing 18,000 sq ft of office space in the building, reflecting a growing de- mand from prospective business ten- ants seeking high quality working spaces with desirable amenities in a prominent area, said the statement from ENBD REIT. The upgrade included a comprehen- sive fit-out of the foyer and entrance to the building as well as corridors, staircases, and common bathrooms, including lighting and tiling through- out the tower. The Emirati group said lifts, fire es- capes and the podium were also up- graded as part of this project. In addition to an improved layout and décor, prayer rooms, yoga/fitness studio facilities and additional access for people of determination were also added. Anthony Taylor, Head of Real Estate at Emirates NBD Asset Management, said: "The successful completion of this major upgrade of Al Thuraya Tower 1 positions ENBD REIT well to take advantage of a new phase in the evolution of Dubai’s office rental market, in which many tenants are seeking quality spaces that prioritise the health and comfort of their staff in an aesthetically attractive and con- temporary environment." "The higher occupancy already achieved in the tower, and the in- creasing interest now being received from prospective occupiers, initially indicates that the strategic decision that we took in 2020 to invest in the future of this flagship asset that has been a cornerstone of our portfolio for over 15 years has been the right one," he added. Valued at $69 million, Al Thuraya Tower 1 is the one of the largest asset representing 19% of the value of ENBD REIT’s portfolio, which com- prises 11 buildings in Dubai across the office, retail and alternative sec- tors. ISSUE 161 MAY 2022 the BANKING EXECUTIVE 25 ENBD REIT COMPLETES MAJOR UPGRADE OF FLAGSHIP DUBAI TOWER