TNI to develop two plots at Capital Centre
Abu Dhabi , July 14, 2007
The National Investor (TNI) plans to develop two plots of land at Capital Centre.
Capital Centre, is an Dh8 billion ($2.17 billion) business and residential micro-city now being built around the Abu Dhabi National Exhibition Centre (ADNEC) in Abu Dhabi, UAE.
TNI estimates the cost of developing the two plots of land at more than Dh600 million.
The announcement was made following the signing of the sales and purchase agreement, at a ceremony held at the Abu Dhabi National Exhibition Company. The two plots of land are situated in a prime location at the heart of Capital Centre.
The move is part of TNI's current real estate strategy focusing on acquisitions and development.
'Our Real Estate Division is currently working on building its own portfolio of real estate projects,' said TNI CEO Orhan Osmansoy.
Besides the acquisition of these two plots of land, TNI acquired in April 2007 the 120-room Mafraq Hotel in Abu Dhabi for the purpose of refurbishment and expansion.
'The aim of this new strategy is to generate recurring income and growth in capital value for our shareholders,' he added.
According to managing director of TNI's Real Estate Division Emile Habib construction of both towers will commence in the first quarter of 2008 and is expected to be completed by late 2009.
An international design competition, already underway, will determine the design features of both towers.
Habib pointed out that TNI is currently in the process of selecting consultants and contractors to implement the development. These and other real estate development projects, already in the pipeline, are expected to increase TNI's real estate assets under management (AUMs) to over Dh1.5 billion in the next two to three years.Trade Arabia News Service