ENBD REIT (CEIC) PLC (“ENBD REIT” or the “Fund”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management, has announced a major refurbishment programme for its largest asset by value, Al Thuraya Tower 1 in Dubai Media City.
The refurbishment project is a strategic measure to enhance the building’s leasability and boost occupancy. Savills has been appointed as the project manager and cost consultant for the programme, while Bluehaus Group has been appointed to oversee design and MEP works. The project follows ongoing efforts by management to add value to the portfolio by attracting long-term tenants to the REIT’s assets, improving Weighted Average Unexpired Lease Terms (“WAULT”), while engaging with current tenants in genuine financial distress through a Covid-19 rent relief programme.
The areas identified for refurbishment have been selected based on various criteria, including aesthetic improvement, and material upgrades to building infrastructure to align it to the standards of newer, nearby buildings. Upgrades will be made to the foyer and entrance of the building, as well as to lighting and tiling in corridors throughout the tower. Common bathrooms will benefit from improved layout and styling, along with provision for people of determination. Extensive upgrades will be made to fire escape stairs, chillers and lifts as well as car park refurbishments which will include new signage, re-surfacing, lighting and painting. A further objective is to incorporate measures to ensure the building operates as a safe, “virus-free” environment for occupants, in light of the Covid-19 pandemic.
James Coburn, managing director and partner at Bluehaus Group, commented: “It is a pleasure to be partnering with the ENBD REIT and Savills teams to elevate Al Thuraya Tower 1 to create a memorable, efficient experience at the building. Bluehaus Group has been renowned for its Corporate Workplace Consulting over the past 19 years of operations; however, through a diversification and key talent attraction strategy, we are proud to be able to redevelop assets into unique, safe, “virus-free” destinations for end users’ satisfaction. 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.”
