United Arab Emirates firm Al Tamimi & Co has advised the seller of the Dubai International Financial Centre’s (DIFC) Precinct Building 6 to the Legatum Group, marking the first sale of a non-DIFC owned freehold building to a privately owned investor.
The Al Tamimi team was led by Lisa Dale, partner and head of property at Al Tamimi & Co, and was supported by head of hospitality Tara Marlow, and senior associates Jeremy Scott and David Bowman. The seller was also represented by Jones Lang LaSalle, the global real estate investment and advisory firm. International law firm Norton Rose advised Dubai-based Legatum on the acquisition.
“Following the collapse of the property market three years ago, more than half of the completed office space in Dubai remains empty. A transaction of this magnitude is a welcome respite in such a market, and we were excited to advise on the deal for our client,” said senior partner and founder Essam Al Tamimi.
“The huge interest from both regional and international investors in this building confirms that DIFC, and indeed Dubai, is still considered an attractive location in which to invest, and also that there still remains demand for prime office space in the sought-after business districts of Dubai,” he added.
No financial value for the transaction was disclosed, and the seller was not named.
Dubai is yet to recover from the property market collapse that followed the 2008 global financial crisis. Since then, property firms have been forced to cancel projects and restructure their huge pile of debt with the help of government aid. ALB
Shaheen Pasha is Middle East Regional Editor at ALB. Follow her on Twitter: @ALB_TheBrief.
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