LIMITLESS
BUSINESS | REAL ESTATE · ABU DHABI, UAE
CONFIDENTIAL INVESTMENT MEMORANDUM · EXECUTIVE DOSSIER
Mandate Ref: LMT-DXB-004
Date of Issue: 03 November 2026
Dubai·Business Bay · Canal Front·Commercial Office
Al Noor Twin Commercial Towers
Value-add twin boutique office towers with 82.9% occupancy, immediate lease-up upside and 15.8% projected 5-year IRR.
Asset Classification: Grade A Boutique TwinOwnership Tenure: Freehold — Commercial Canal ZoneMandate Status: Available
LMT-DXB-004Confidentiality by Design — Exact Plot & Title Deed Reserved
Asking Valuation / Cost
AED 132M
AED 1,375 / sq ft
Net Initial Yield (Cap Rate)
6.4%
NOI: AED 8.4M
Projected 5-Yr IRR / ROI
15.8%
+4% / yr
Units Rented / Total
29 / 35
6 vacant
Occupancy Rate
82.9%
AED 155 / sq ft
Weighted Avg. Lease Term (WALT)
4.3 yrs
96,000 sq ft
01 / Executive Investment Summary
Al Noor Twin Commercial Towers comprise two slender 18- and 15-storey boutique office buildings linked by a landscaped retail and executive amenity podium. Totaling 96,000 sq ft BUA (88,000 sq ft GLA) across 35 self-contained commercial suites, the asset currently has 29 rented units and 6 newly refurbished suites ready for immediate lease-up at prevailing prime market rents.
Positioned for value-add family office or private equity investors seeking strong current income (AED 8.4M NOI) paired with near-term rental reversion to AED 10.6M+ stabilized NOI.
Key Investment Covenants
- 29 of 35 commercial suites rented (82.9% occupancy — 6 suites vacant & fitted)
- Immediate value-add lease-up potential (+26% NOI reversion upside)
- AED 155 / sq ft average passing rent (market ERV at AED 185 / sq ft)
- 240 covered podium parking spaces + VIP drop-off court
- Shared sky-bridge executive boardroom & auditorium
02 / Valuation, Income & Return Matrix
- Asking Valuation / Cost
- AED 132,000,000
- Capital Value / Sq Ft
- AED 1,375 / sq ft
- Gross Annual Rental Income
- AED 11,392,000
- Annual Operating Cost (OPEX)
- AED 2,992,000
- Service Charge / Sq Ft
- AED 19.00 / sq ft
- Net Operating Income (NOI)
- AED 8,400,000
- Avg. Passing Rent / Sq Ft
- AED 155 / sq ft
- Annual Rent Escalation
- 4%
- Net Initial Yield (Cap Rate)
- 6.4%
- Projected 5-Yr IRR / ROI
- 15.8%
03 / Physical & Tenure Specifications
- Mandate Ref
- LMT-DXB-004
- Built-Up Area (BUA)
- 96,000 sq ft
- Gross Leasable Area (GLA)
- 88,000 sq ft
- Plot Area
- 44,000 sq ft
- Storeys / Levels
- 18
- Completion Year
- 2022
- Covered Parking
- 240 bays
- Units Rented / Total
- 29 rented / 35 units
- Vacant Units (Lease-Up Upside)
- 6 units
- Weighted Avg. Lease Term (WALT)
- 4.3 yrs
04 / Unit Occupancy & Stacking Schedule
| Floor / Zone | Permitted Use / Configuration | Rented / Total Units | GLA (Sq Ft) | Rent / Sq Ft (AED) | Annual Rent (AED) | WALT |
|---|---|---|---|---|---|---|
| Podium Retail & Executive Lounge | Specialty Coffee, Business Club & Concierge | 6 / 6 (100%) | 12,000 | AED 185 | AED 2,220,000 | 5.2 yrs |
| Tower A — Levels 03 – 18 | Fitted Boutique Office Suites | 14 / 16 (88%) | 42,000 | AED 155 | AED 5,642,000 | 3.9 yrs |
| Tower B — Levels 03 – 15 | Full-Floor Tech & FinTech HQs | 9 / 13 (69%) | 34,000 | AED 150 | AED 3,530,000 | 4.4 yrs |
05 / 5-Year Projected Cash-Flow Schedule (Illustrative)
| Year | Gross Annual Rental Income | Annual Operating Cost (OPEX) | Net Operating Income (NOI) | Net Initial Yield (Cap Rate) | Cumulative Net Cash Flow |
|---|---|---|---|---|---|
| Year 1 (2026) | AED 11,392,000 | AED 2,992,000 | AED 8,400,000 | 6.36% | AED 8,400,000 |
| Year 2 (2027) | AED 11,847,680 | AED 3,051,840 | AED 8,795,840 | 6.66% | AED 17,195,840 |
| Year 3 (2028) | AED 12,321,587 | AED 3,112,877 | AED 9,208,710 | 6.98% | AED 26,404,550 |
| Year 4 (2029) | AED 12,814,451 | AED 3,175,134 | AED 9,639,317 | 7.30% | AED 36,043,867 |
| Year 5 (2030) | AED 13,327,029 | AED 3,238,637 | AED 10,088,392 | 7.64% | AED 46,132,259 |