Olayan and Lunate acquire stakes in ICD Brookfield Place
Investment Corporation of Dubai (ICD) and Brookfield Corporation on Monday announced an agreement with Olayan Financing Company and Lunate for the sale of a 49 per cent stake in ICD Brookfield Place (ICDBP), a worldclass commercial and retail property located in the Dubai International Financial Centre (DIFC).
Upon completion, Lunate, through one of its funds, and Olayan Financing Company will each own a 24.5 per cent equity interest in ICDBP. ICD and Brookfield will retain a combined 51 per cent equity interest, split equally between the two parties. As the largest institutional third-party single asset real estate transaction in the UAE and one of the largest commercial real estate transactions globally since 2020, this acquisition sets a benchmark for high-quality, largescale real estate investment in the UAE and the Mena region.
Lunate’s investment in ICD Brookfield Place is aligned with its long term capital strategy and strengthens its real assets portfolio. The acquisition, made through one of Lunate’s funds, demonstrates Lunate’s commitment to making strategic investments in high-quality assets globally.
ICD Brookfield Place, the premier mixed-use real estate development located in the DIFC, provides high quality space to major global financial institutions, law firms and multinational corporations. ICD Brookfield Place is over 98 per cent occupied at premium rents.
Brookfield Properties, the real estate operating arm of Brookfield Corporation, will continue to manage the 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.
Khalid Al Bakhit, Chairman, ICD Brookfield, said: “This transaction underscores the trust and confidence in this incredible development and in the innovation in Dubai’s real estate.”
Jad Ellawn, managing partner and regional head of Middle East, Brookfield, said: “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.”
“Acquiring this significant stake in ICD Brookfield Place represents a strategic addition to our diverse portfolio. It showcases our commitment to investing in high-quality, sustainable real estate assets that align with our long-term view of value creation,” said Nabeel M. Al-amudi, CEO, Olayan Financing Company.