Dubai – Mubasher: The Investment Corporation of Dubai and Brookfield signed an agreement today, Monday, with Olayan Financial and Lunit to sell 49 percent of their stake in the ICD Brookfield Place tower located in the Dubai Financial Center. Global.
Upon completion of the agreement, Lunit, through one of its funds, and Olayan Financial Company will each own 24.5 percent of the equity shares in ICD Brookfield Place, according to a press release issued today.
The Investment Corporation of Dubai and Brookfield will each retain a total share of 51 percent of the company’s ownership, distributed equally between the two parties.
The statement did not mention financial details, while Bloomberg previously reported that the value of the tower was $1.5 billion.
Although the details of the value of the deal were not disclosed, it is the largest institutional real estate deal for individual assets for a third party in the UAE, and it is also one of the largest commercial building sale deals in the world since 2020.
Sources revealed to “Bloomberg” last January that the sovereign fund “ADQ”, in Abu Dhabi, is considering joining the competition for a minority stake in the “ICD Brookfield Place” tower, seeking to seize a slice in one of the highest commercial real estate markets. active in the world.
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2024-04-08 09:59:49
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