Emirates REIT, the UAE’s first regulated Shari'a compliant real estate investment trust, announced the signing of two new leases in Index Tower, located within the Dubai International Financial Centre (DIFC).
The new tenants are a pharmaceutical company and a Dubai-based family office, leasing together more than 3,400 sqm at the Norman Foster-designed tower. Both leases have a five-year tenure and have already commenced.
After the signing of these leases and together with other leasing activities, Emirates REIT’s floors at the Index Tower are now 14% leased.
This raises the total occupancy of Emirates REIT’s portfolio to 76%, well above Dubai's average commercial occupancy rate. Further releases of fitted out office floors at the Index Tower are expected by the end of October.
Sylvain Vieujot, executive deputy chairman of Emirates REIT, said: “We are happy to welcome our new tenants to Index Tower, a property that offers one of the highest quality workplace environments in Dubai. As a sizeable landlord, in what is often a fragmented market, Emirates REIT is in a privileged position and we believe Index Tower’s exceptional facilities and prime location make it a highly attractive address for businesses and corporates seeking a presence in the Emirate’s central business district.”
Emirates REIT has been receiving strong interest in the Index Tower following the delivery of the first ready-to-occupy offices. The REIT owns 70% of the office floors in the flagship mixed-use property, in addition to the entire retail mall wrapping around the building and over 1,400 car parking spaces.
Emirates REIT is working on bringing substantial improvements to the Index Tower, including reconfiguration of the retail mall and providing convenient fit-out and furnishing solutions, to deliver a complete offer in the DIFC and a hassle-free experience for businesses of varying sizes and needs.
In addition to significant market interest from small to medium sized businesses in need of optimised space in DIFC, the REIT is also seeing interest from larger companies seeking sizeable floor-plates.