The Investment Corporation of Dubai (ICD) and Brookfield Corporation have declared their arrangement to divest a 49 percent stake in their mixed-use development, ICD Brookfield Place.
Olayan Financing Company and Lunate’s real estate fund will each purchase a 24.5 percent interest, as stated in a declaration on Monday.
Situated in Dubai International Financial Centre (DIFC), ICD Brookfield Place marks the most extensive third-party single asset real estate transaction in the UAE since 2020, establishing a precedent for significant commercial property deals in the area, according to the statement.
Khalid Al Bakhit of ICD Brookfield remarked, “ICD Brookfield Place has rapidly emerged as a prominent landmark and a highly sought-after location in Dubai for both business and leisure. This transaction underscores the confidence and trust in this remarkable development and in Dubai’s real estate innovation.”
Brookfield Properties will persist in overseeing the property, which is over 98 percent occupied, drawing on its profound expertise in sustainable property management and its established ties with existing tenants of ICDBP, many of whom rent other offices managed by Brookfield Properties worldwide, the statement noted, according to Arabian Business.
Jad Ellawn, Managing Partner and Regional Head of the Middle East at Brookfield, commented, “We are content to embrace Lunate and Olayan and express our appreciation to ICD for their collaboration. This investment demonstrates the sustained demand for premier office spaces like ICD Brookfield Place and reaffirms the trend of capital seeking top-quality real estate on a global scale.”
