Abu Dhabi's Lunate and Saudi Arabia's Olayan Acquired ICD Brookfield Place in Dubai

Abu Dhabi's Lunate and Saudi Arabia's Olayan Acquired ICD Brookfield Place in Dubai

By Staff Writer, 11 April 2024

In a strategic move to diversify ownership and bolster investment portfolios, Investment Corporation of Dubai (ICD) and Brookfield Corporation have announced plans to offload 49% of their stakes in the prestigious ICD Brookfield Place project.

The mixed-use development, situated within the bustling Dubai International Financial Centre, has garnered significant attention from Saudi Arabia's Olayan Financing Company and Abu Dhabi's Lunate.

Upon finalization, both Olayan Financing and a fund managed by Lunate will each command a 24.5% equity interest in the towering structure, while ICD and Brookfield will collectively retain a majority 51% share, evenly distributed between the two entities.

The precise financial terms of the agreement remain undisclosed.

ICD Brookfield Place, renowned for its provision of premium retail and commercial spaces catering to global financial institutions, legal firms, and multinational corporations, boasts a net leasable area exceeding 1.1 million square feet.

Impressively, the property maintains over 98% occupancy, with tenants paying premium rental rates.

Despite the shift in ownership dynamics, Brookfield Properties, the real estate management arm of Canada's Brookfield Corporation, will continue its operational stewardship of the iconic property.

Commenting on the transaction, Murtaza Hussain, Managing Partner at Lunate, affirmed the strategic alignment with their long-term capital strategy, emphasizing the pursuit of premium asset investments delivering both attractive yields and capital appreciation.

Source: Zawya

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