Trends 🔥

UAE 🇦🇪

Abu Dhabi’s Lunate, Saudi Arabia’s Olayan acquire 49% stake in Dubai’s ICD Brookfield Place

Waleed Khaled
Waleed Khaled

2 min

Abu Dhabi's Lunate and Saudi's Olayan recently acquired a stake in Dubai's largest office tower, ICD Brookfield, tapping into one of the world's thriving commercial property markets.

The Investment Corporation of Dubai (ICD) and Brookfield Corporation revealed an agreement with Olayan Financing Company and Lunate for a 49% share in ICD Brookfield Place (ICDBP) located in Dubai International Financial Centre (DIFC).

Upon completion, both Lunate and Olayan will each hold a 24.5% stake in ICDBP, while ICD and Brookfield will retain 51%. Lunate sees this investment as part of its long-term capital strategy, strengthening its real assets portfolio.

ICD Brookfield Place houses major global institutions and is over 98% occupied at premium rents.

Khalid Al Bakhit, Chairman of ICD Brookfield, expressed delight in welcoming Lunate and Olayan as partners, highlighting their confidence in Dubai's real estate innovation.

Brookfield Properties will continue managing the property, emphasizing the ongoing demand for prime office spaces like ICD Brookfield Place.

Olayan Financing Company views this acquisition as a strategic addition to its diverse portfolio, aligning with its commitment to investing in sustainable real estate assets.

Read next

Lunate, an Abu Dhabi-based investment manager, views this transaction as supporting its Long Term Capital strategy, focusing on premium assets with attractive yields and capital appreciation.

The deal underscores the attractiveness of Dubai's real estate market and signals continued investor confidence in the region's economic growth.

The biggest stories delivered to your inbox.

By clicking 'Register', you accept Arageek's Terms, Privacy Policy, and agree to receive our newsletter.


Contribute to the discussion

Read next