ENBD REIT appoints Savills, Bluehaus to upgrade portfolio's largest asset

Al Thuraya Tower 1 represents 20% of ENBD REIT’s total portfolio

  
Image used for illustrative purpose. The skyscrapers in Dubai, United Arab Emirates.

Image used for illustrative purpose. The skyscrapers in Dubai, United Arab Emirates.

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UAE – Mubasher: ENBD REIT, a Shari’a compliant real estate investment trust, has appointed Savills and Bluehaus Group to upgrade its largest asset Al Thuraya Tower 1, located in Dubai Media City.

In the refurbishment programme for the building, Savills was appointed as a project manager and cost consultant and Bluehaus Group was selected as a design and MEP consultant, according to a press release on Tuesday.

Valued at AED 283 million, Al Thuraya Tower 1 represents 20% of ENBD REIT’s total portfolio value as of 30 June 2020.

With a total net leasable area of 208,565 sq. ft, the building will be upgraded to enhance its leasable area and boost occupancy.

The Head of Building and Projects Consultancy Middle East at Savills, Simon Denham, said: "The Savills project management team will complete the turnaround of the building within a 12-month timeframe, while the Savills cost management division is committed to generating maximum impact from the client budget."

Meanwhile, the Managing Director & Partner at Bluehaus Group, James Coburn BA, noted: "Bluehaus Group’s Engineering and Interior Design disciplines will work closely with the ENBD REIT and Savills teams to create a first-mover asset transformation of Al Thuraya Tower 1, for the benefit of all."

Source: Mubasher

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