42-storey mixed-use office and apartment structure prime commercial property Liberty House within the Dubai International Financial Centre (DIFC) was acquired by Tasweek Real Estate Development and Marketing.
According to a press release, the transaction is part of Tasweek's USD 250 million buildup of a real estate investment portfolio featuring key Dubai and Abu Dhabi projects within the next 18 months.
"Strategic acquisitions such as the Liberty House commercial property allow us to position ourselves advantageously as the local property sector proceeds with its market stabilization initiatives. Given today's tight business environments, more companies are searching for strategic locations that enhance their visibility, access to key markets and logistical capabilities. Liberty House is a perfect beginning for our new portfolio and a welcome addition to our overall long-term investment plans," said Tasweek CEO, Masood Al Awar.
Under the deal with Dubai real estate developer ETA Star, the commercial property represents a long-term investment into DIFC, which leverages the UAE's strategic location near the booming Asian and European markets and the Centre's proximity to key Dubai developments such as the Metro Station, Emirates Towers and Burj Dubai. Liberty House consists of eight floors of spacious open plan offices and 29 floors of luxurious apartments.
"Future Liberty House clients can avail of DIFC's various business-friendly incentives, such as freehold ownership of offices and residences, 100 percent foreign ownership of businesses, an internationally qualified financial regulatory environment, zero-rate tax, and unrestricted repatriation of capital and profits. Since opening in 2004, DIFC has generated considerable demand from firms searching for quality offices situated near Sheikh Zayed Road," he added.
Tasweek is scouting strategic location properties in Reem Island, Al Raha Beach, and Building Material City in Abu Dhabi and Dubai Marina, Jumeirah Beach Residence and Dubai International Financial Centre (DIFC) in Dubai for its new multi-million dollar property portfolio. The upcoming acquisitions are expected to generate a return on investment of at least 10 percent.
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