ACI Real Estate raises its Dubai portfolio to Dh10b

Dubai: ACI Real Estate, an affiliate of Alternative Capital Investments, has increased its investment portfolio to Dh10 billion in Dubai, company officials said on Monday.

The company yesterday launched the Dh1 billion Michael Schumacher Business Avenue in Business Bay.

Speaking at the launch, Schumacher said: "Dubai is a place we often visited during my racing days. So many things change so quickly here and it is one of the reasons we decided to do this project.

"Dubai offers plenty of potential - people are investing in many directions."

The Michael Schumacher Business Avenue will comprise 29 storeys, including three basement levels for parking. The gross leasable area is approximately 45,000 square feet. Prices will begin at Dh1,820 per square foot, with an extra Dh10 per square foot on each ascending floor.

"It's the start of a hopefully long race," Schumacher said.

Michael Schumacher Business Avenue marks Phase 2 of ACI's Dh2.2 billion sports-branded real estate project. The Niki Lauda Twin Tower was launched this month and the Boris Becker Business Tower will be launched on February 24.

Robin Lohmann, managing director of ACI Real Estate, said: "Michael Schumacher represents the energy, commitment to excellence and ambition needed by every business enterprise to get to the top, and only a city like Dubai, with its breathtaking pace of growth, is befitting of such an association."