Driven Properties Makes Landmark Acquisition in Dubai
Deal News | Nov 07, 2024 | Legal Community MENA
Driven Properties has made a significant acquisition by purchasing Emaar Square Building 3 in Downtown Dubai for AED505 million ($137.4 million), marking the largest real estate transaction in the area this year. This move underscores Driven Properties' strategy to expand its commercial property portfolio to cater to the increasing demand for premium office space in Dubai's bustling business district. Emaar Square Building 3, a 378,885 square feet property, features top-tier office spaces for a broad range of tenants. King & Spalding, with a team led by partner Malek Al Rifai and associates Alex Barker and Husni Al Far, provided crucial legal advice, ensuring the successful navigation through the complexities of this high-profile deal.
Sectors
- Real Estate
- Legal Services
Geography
- United Arab Emirates – The acquisition took place in Downtown Dubai, highlighting the significant role of the UAE in the real estate sector.
Industry
- Real Estate – The article discusses the acquisition of a commercial building, which falls under the real estate industry.
- Legal Services – King & Spalding provided legal counsel for the acquisition, indicating the role of legal services in the transaction.
Financials
- AED505 million ($137.4 million) – The transaction value for the acquisition of Emaar Square Building 3 by Driven Properties.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Driven Properties | Buyer | Company | A real estate company expanding its commercial property portfolio by acquiring Emaar Square Building 3. |
| King & Spalding | Legal Advisor | Company | A law firm that advised Driven Properties on the acquisition. |
| Emaar Square Building 3 | Target | Building | A commercial property located in Downtown Dubai, acquired by Driven Properties. |
| Malek Al Rifai | Partner | Person | A partner at King & Spalding who led the legal team advising Driven Properties. |
| Alex Barker | Associate | Person | An associate at King & Spalding who was part of the legal team advising Driven Properties. |
| Husni Al Far | Associate | Person | An associate at King & Spalding who was part of the legal team advising Driven Properties. |