Emaar sells off prime property in Dubai
Dubai, August 18, 2010
Dubai-based Emaar Properties has sold one of its prime office buildings near Burj Khalifa, world's tallest tower, for Dh331.6 million ($90.2 million) to an undisclosed buyer, said a report.
The company disposed off the building, known as Number 5, in the Emaar Square project thus boosting an oversupplied commercial property market that has seen few transactions this year, the National reported.
Sources close to the deal confirmed the building was Number 5 but Emaar declined to identify the building that had been sold, the report added.
The principal tenant, HSBC bank, has signed a long-term lease for the building and it is considered one of the best quality offices in Dubai by property consultancies.
“HSBC has a 10-year lease,” the report quoted Andrew Charlesworth, the head of capital markets at the consultancy Jones Lang Lasalle, as saying.