Dubai – Mubasher: Tecom Group has signed a binding memorandum of understanding (MoU), on 30 September 2024, to acquire a multi-let commercial asset in Dubai Internet City for AED 720 million.

The agreement was signed between Tecom Investments FZ LLC, a subsidiary of Tecom Group, and Emirates REIT, the owner of the asset, according to a press release.

Meanwhile, the acquisition is subject to final approval at the Emirates REIT's upcoming extraordinary general meeting (EGM).

The Dubai commercial and industrial real estate sector has been witnessing robust growth, driving occupancy rates higher and leading to a significant increase in rental rates.

As part of an AED 1.70 billion strategic plan that was announced in May 2024, the DFM-listed group acquired commercial and industrial assets last August.