Staff Report,
Dubai, UAE
Olayan Financing Company, one of Saudi Arabia’s largest conglomerates, and Lunate, a global alternative investment manager, have acquired 49 percent stake in ICD Brookfield Place (ICDBP). ICDBP, a mixed-use commercial and retail property under Investment Corporation of Dubai (ICD) and Brookfield Corporation (Brookfield), is in the Dubai International Financial Centre (DIFC). This acquisition is 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, bolstering real estate investment in the UAE and the MENA region.
Upon completion, Lunate, through one of its funds, and Olayan Financing Company will each own a 24.5 percent equity interest in ICDBP. ICD and Brookfield will retain a combined 51 percent equity interest, split equally between the parties.
Khalid Al Bakhit, Chairman, ICD Brookfield, 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.”
ICD Brookfield Place, the premier mixed-use real estate development with 1.1 million square feet of net leasable area located in the DIFC, leases space to major global financial institutions, law firms, and multinational corporations. ICD Brookfield Place is over 98 percent occupied at premium rents. Brookfield Properties, the real estate operating arm of Brookfield Corporation, will continue to manage the property.
Nabeel M. Al-Amudi, CEO, Olayan Financing Company, said, “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. 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.”
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.
Murtaza Hussain, Managing Partner at Lunate, said, “We are pleased to announce our acquisition of a stake in ICD Brookfield Place, one of the most iconic real estate developments in the MENA region. This transaction further supports our Long Term Capital strategy to invest in premium assets, delivering attractive yields and capital appreciation. Importantly, this investment also reinforces our existing relationship with Brookfield and marks the beginning of a valued partnership with ICD.”
ICD Brookfield Place is recognized with LEED (Leadership in Energy and Environmental Design) Platinum certification and a coveted WELL Health & Safety rating. This strategic positioning empowers companies to seamlessly align with their own ESG targets.
Ends
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