Dubai International Financial Centre announces lankmark real estate joint venture with Nexus Capital SAPress Release 10 May 2004 01:34 pm
The Dubai International Financial Centre (DIFC) and Nexus Capital SA today announced the development of The Hexagon, a $260 million, high quality mixed use real estate complex in Central Dubai. The joint venture project is aimed specifically at attracting foreign direct investment into the DIFC.
The Hexagon would offer 1.4 million square feet of premium quality commercial and residential space within the boundaries of DIFC in central Dubai, and is designed to be functional, efficient and aesthetic. The Hexagon will be located at the eastern edge of the DIFC zone in central Dubai.
The DIFC is being established to position Dubai as a universally recognised hub for institutional finance and as the regional gateway for capital and investment to the Middle East. It has already received commitment from many of the world’s biggest financial services companies such as AON, Credit Suisse, Standard Chartered and Julius Baer.
The Hexagon is designed to cater to the needs and wishes of business people using DIFC as a regional platform. The complex will feature world class smart offices, first class residences, a five star boutique hotel, quality serviced apartments and a unique roof-top garden and private business club. The Hexagon will also house a unique education campus that would be used by first tier business schools and executive education providers that wish to offer their courses in Dubai in a world class custom designed environment. Four hexagonal footprint buildings, of which the main tower is more than 50 stories high, will be situated on top of a multi-level platform offering more than 3000 car parking spaces built on a 30’000 square meter plot of land.
The project will benefit from the buoyant Dubai real estate market. Demand for prime office space in central Dubai is expected to increase by 8m sq.ft by year 2008 and by a further 8.5m sq.ft by year 2015. The prime residential sector demand is also expected to grow by an estimated 24,000 units by year 2008 and potentially by a further 45,000 units by year 2015.
Naser Nabulsi, CEO of DIFC commented,
“HH Sheikh Mohammed’s vision for the DIFC is to create a truly world class financial centre to rival those of London, New York and Hong Kong. The Hexagon epitomises this vision.”
Damien Tappy, Chairman of Nexus Capital SA added.
“The Hexagon will attract the highest end private and commercial tenants into the DIFC and will become the address of choice in central Dubai. The Hexagon will pass the advantages of the DIFC jurisdiction onto our future tenants and investors. These advantages include: 100% foreign ownership, 0% tax, freehold of properties, a world class framework of financial and commercial laws and the freedom to repatriate capital and profits. The Hexagon will truly be a pivotal project in this landmark and visionary new financial district.”
The Hexagon will be located in the ‘Park Avenue’ district of the DIFC and is characterized by its resort setting at the heart of Dubai’s financial and business district. Unique features of the real estate complex include its set of private elevators in the main tower that will directly open into individual apartments and offices and the separate access routes envisaged for residential, office and other commercial units that will guarantee privacy, convenience and ease of access for tenants and visitors.
Lawrence Elms, CEO DIFC Land Company, commented,
“Built around what will be a financial marketplace capable of matching those of London, New York and Hong Kong, the DIFC will represent a unique combination of commercial, residential, leisure and retail space in an ultra modern environment. The Hexagon fits comfortably within this concept and reflects our principles of the ultimate in comfort and convenience.” He added,
“Key to this venture is the opportunity it presents to European investors as it is the premier project aimed directly at raising foreign direct investment.”
The Hexagon project is estimated to cost $260 million to develop and construction is expected to take three years. The project offers a significant value creation opportunity to its investors.
Nexus Capital SA has developed the concept for The Hexagon and has structured an Islamic Sharia compliant investment vehicle for sophisticated investors interested in equity participation into the project. More information on the project and the investment opportunity can be obtained through Nexus Capital SA or its legal representative in Dubai, Norton Rose.