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Fri 19 Sep 2014 10:15 AM

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Emirates REIT hires architect to redesign Dubai retail mall

Foster + Partners is appointed to reconfigure retail mall floors at Index Tower in Dubai International Financial Centre

Emirates REIT hires architect to redesign Dubai retail mall
Index Tower is in Dubai International Financial Centre.

Emirates REIT Limited, the Shari'a compliant regulated real estate investment trust, has appointed Foster + Partners to redesign a retail mall and offices in Dubai International Financial Centre.

The company said the world-renowned architects will reconfigure the retail mall office floors at Index Tower, located in the DIFC.

Emirates REIT owns 16.64 office floors in the building, 1,404 car parking spaces and the retail mall located over ground and podium levels as well as the sky lobby.

It said in a statement that Foster + Partners was selected following a competitive tender process.

It added that as the original architects of Index Tower presented "strong plans to drive customer footfall across the retail floors". Foster + Partner has also been appointed as interior architect for several office floors.

Sylvain Vieujot, executive deputy chairman of Emirates REIT Management (Private) Limited, said: “Following the commencement of marketing and leasing activities, the appointment of architects is an important step in realising our plans for the Index Tower.

"This will help us provide a full offer in the DIFC, ranging from small offices which have been fitted-out and are ready to occupy to large shell and core floor-plates.

"The redesign of the retail space aims to increase the number of outlets and open up street access. This appointment sets in motion our plans to make Index Tower a unique and exciting retail and leisure destination, complementary to amenities and attractions in nearby Downtown.”

Index Tower is a Grade A mixed multi-purpose tower with 80 stories, designed by Foster + Partners and completed in 2011.

The building comprises 25 office floors, three levels of retail outlets, 40 residential apartment floors, and seven dedicated penthouse levels.

In July, Emirates REIT announced a 194 percent rise in net profit during the first six months of 2014.

The trust, incorporated in the Dubai International Financial Centre and listed on NASDAQ Dubai, said net profit soared to $34.15 million from $11.61 million for the same period in 2013.

Portfolio value increased by 73 percent, to $559.65 million.

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