The Investment Corporation of Dubai (ICD) and Brookfield announced yesterday that they had concluded an agreement with Olayan Financial and Lunet to sell 49% of their stake in ICD Brookfield Place, located in the Dubai International Financial Centre.
Upon completion of the agreement, Lunit, through one of its funds, and Olayan Financial Company will each own 24.5% of the equity shares in ICD Brookfield Place, while Investment Corporation of Dubai and Brookfield will each retain a total stake. It amounts to 51% of the company’s ownership, distributed equally between the two parties.
This deal is the largest institutional real estate deal for individual assets to a third party in the UAE, and it is also one of the largest commercial building sales deals in the world since 2020. This strategic deal raises the standards of investment in real estate in terms of quality and expansion of scope at the level of the UAE and the Middle East and North region. Africa.
Lunit’s acquisition of a stake in ICD Brookfield Place is in line with its long-term investment strategy and contributes to strengthening its portfolio of real estate assets. This acquisition, which was made through one of the “Lunit” funds, also confirms the company’s commitment to making strategic investments in high-quality real estate assets globally.
Khalid Al Bakhit, Chairman of the Board of Directors of ICD Brookfield, said: “In a short period of time, ICD Brookfield Place has become one of the most important landmarks and the most sought-after destination in Dubai for both business and leisure, and we are honored to welcome Lunit and Olayan as our trusted partners. This deal is a confidence in this pioneering project and the innovation that distinguishes the real estate sector in Dubai.”
For his part, Jad Al-Lun, managing partner and regional head of the Middle East at Brookfield Group, said: “We are pleased to welcome Lunit and Olayan companies, and we are proud of our partnership with the Investment Corporation of Dubai, and this investment reflects the continuing demand for luxury office buildings similar to (ICD). Brookfield Place also confirms that capital continues to search for properties with distinctive infrastructure around the world.”
2024-04-09 00:00:00
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