Olayan, Lunate acquire stakes in Dubai's ICD Brookfield Place
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Olayan, Lunate acquire stake in ICD Brookfield Place

Olayan, Lunate acquire stake in ICD Brookfield Place

Lunate and Olayan Financing Company will each possess a 24.5 per cent equity interest in ICD Brookfield Place

Gulf Business

The Investment Corporation of Dubai (ICD) and Brookfield Corporation announced an agreement with Olayan Financing Company and Lunate for the sale of a 49 percent stake in ICD Brookfield Place (ICDBP), a renowned commercial and retail property situated in the heart of the Dubai International Financial Centre (DIFC).

ICD Brookfield Place

Upon finalisation, Lunate and Olayan Financing Company will each possess a 24.5 percent equity interest in ICDBP, while ICD and Brookfield will retain a combined 51 percent equity interest, evenly distributed between them, according to state news agency WAM.

This landmark acquisition, marks one of the largest commercial real estate transactions globally since 2020 and is also the largest institutional third-party single asset real estate transaction in the UAE, added WAM.

Nabeel M Al-Amudi, CEO of Olayan Financing Company, noted that the acquisition represents a strategic addition to their portfolio, showcasing their dedication to investing in sustainable, high-quality real estate assets.

“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,” commented Al-Amudi.

“We are excited to join our esteemed partners, ICD, Brookfield, and Lunate, and look forward to contributing to the continued success and legacy of this premier property,” he added.

Lunate expands portfolio

Lunate’s investment in ICDBP aligns with its Long Term Capital strategy, bolstering its Real Assets portfolio and emphasising its commitment to strategic investments in premium assets worldwide.

Read: BlackRock, KKR sell ADNOC oil pipeline stake to Lunate

ICD Brookfield Place, a prestigious mixed-use development in the DIFC, caters to major global financial institutions, law firms, and multinational corporations, boasting over 98 percent occupancy at premium rental rates. Brookfield Properties will continue to manage the property, leveraging its expertise in sustainable property management and established tenant relationships.

Commenting on the agreement, Khalid Al Bakhit, chairman of ICD Brookfield, expressed delight in welcoming Lunate and Olayan as partners, highlighting their trust in the development’s innovation and success. He said, “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.”

Murtaza Hussain, managing partner at Lunate, underscored the significance of the transaction in supporting their Long Term Capital strategy and fostering a valued partnership with ICD and Brookfield.

The sale of the stake in ICD Brookfield Place marks a significant milestone in the ongoing evolution of the UAE’s real estate landscape, further solidifying its position as a global investment destination.

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