Funding Company of Dubai (ICD) and Brookfield Company (Brookfield) at this time introduced an settlement with Olayan Financing Firm and Lunate for the sale of a 49 % stake in ICD Brookfield Place (ICDBP), a world-class business and retail property positioned within the Dubai Worldwide Monetary Centre (DIFC).
Upon completion, Lunate, by one in every of its funds, and Olayan Financing Firm will every personal a 24.5 % fairness curiosity in ICDBP. ICD and Brookfield will retain a mixed 51 % fairness curiosity, break up equally between the 2 events. As the most important institutional third-party single asset actual property transaction within the UAE and one of many largest business actual property transactions globally since 2020, this acquisition units a benchmark for high-quality, large-scale actual property funding within the UAE and the MENA area.
Lunate’s funding in ICD Brookfield Place is aligned with its Lengthy Time period Capital technique and strengthens its Actual Property portfolio. The acquisition, made by one in every of Lunate’s funds, demonstrates Lunate’s dedication to creating strategic investments in high-quality belongings globally.
ICD Brookfield Place, the premier mixed-use actual property growth positioned within the DIFC, gives top quality house to main world monetary establishments, legislation companies and multinational companies. ICD Brookfield Place is over 98 % occupied at premium rents.
Brookfield Properties, the true property working arm of Brookfield Company, will proceed to handle the property, leveraging its deep experience in sustainable property administration, and its established relationships with present ICDBP tenants, lots of whom lease different places of work underneath Brookfield Properties’ administration globally.
Khalid Al Bakhit, Chairman, ICD Brookfield commented, “In a really quick time ICD Brookfield Place has grow to be a serious landmark and probably the most coveted tackle in Dubai for companies and leisure alike. We’re delighted to welcome Lunate and Olayan as companions. This transaction underscores the belief and confidence on this unbelievable growth and within the innovation in Dubai’s actual property.”
Jad Ellawn, Managing Companion, Regional Head of the Center East, Brookfield, mentioned, “We’re happy to welcome Lunate and Olayan and are grateful to ICD for his or her partnership. This funding is a testomony to the continued demand for premier workplace properties like ICD Brookfield Place and underscores the truth that capital continues to hunt high-quality actual property globally.”
“Buying this important stake in ICD Brookfield Place represents a strategic addition to our numerous portfolio. It showcases our dedication to investing in high-quality, sustainable actual property belongings that align with our long-term view of worth creation,” commented Nabeel M. Al-Amudi, CEO, Olayan Financing Firm. “We’re excited to affix our esteemed companions, ICD, Brookfield, and Lunate, and stay up for contributing to the continued success and legacy of this premier property,” he added.
Reflecting on the settlement, Murtaza Hussain, Managing Companion at Lunate, mentioned, “We’re happy to announce our acquisition of a stake in ICD Brookfield Place, one of the crucial iconic actual property developments within the MENA area. This transaction additional helps our Lengthy Time period Capital technique to spend money on premium belongings, delivering enticing yields and capital appreciation. Importantly, this funding additionally reinforces our present relationship with Brookfield and marks the start of a valued partnership with ICD.”
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