The Investment Corporation of Dubai (ICD) and Brookfield Corporation have announced their agreement to sell a 49 percent stake in their mixed-use development ICD Brookfield Place.
The buyers are Olayan Financing Company and Lunate’s real estate fund, who will each acquire a 24.5 percent share, the company said in a statement on Monday.
ICD Brookfield Place is located in Dubai International Financial Centre (DIFC). As the largest third-party single asset real estate transaction in the UAE since 2020, it “sets a benchmark” for major commercial property deals in the region, the statement reads.
Lunate, Olayan acquire stakes in ICD Brookfield Place
“In a very short time ICD Brookfield Place has become a major landmark and the most coveted address in Dubai for businesses and leisure alike. We are delighted to welcome Lunate and Olayan as partners. This transaction underscores the trust and confidence in this incredible development and in the innovation in Dubai’s real estate,” Khalid Al Bakhit of ICD Brookfield said.
Brookfield Properties will continue managing the over 98 percent occupied property, “leveraging its deep expertise in sustainable property management, and its established relationships with existing ICDBP tenants, many of whom lease other offices under Brookfield Properties’ management globally,” the statement added.
“We are pleased to welcome Lunate and Olayan and are grateful to ICD for their partnership. This investment is a testament to the continued demand for premier office properties like ICD Brookfield Place and underscores the fact that capital continues to seek high-quality real estate globally,” Jad Ellawn, Managing Partner, Regional Head of the Middle East, Brookfield added.
Follow us on
