Investment Corporation of Dubai (ICD) and Brookfield Corporation Announce Sale Agreement for Stake in ICDBP
Investment Corporation of Dubai (ICD) and Brookfield Corporation have made a groundbreaking agreement with Olayan Financing Company and Lunate for the sale of a 49 percent stake in ICD Brookfield Place (ICDBP), a prestigious commercial and retail property located in the heart of the Dubai International Financial Centre (DIFC).
This deal, one of the largest commercial real estate transactions globally since 2020, marks the largest institutional third-party single asset real estate transaction in the UAE. Upon completion, Lunate and Olayan Financing Company will each hold a 24.5 percent equity interest in ICDBP, while ICD and Brookfield will retain a combined 51 percent equity interest.
Nabeel M Al-Amudi, CEO of Olayan Financing Company, expressed excitement about the strategic addition to their portfolio, emphasizing their commitment to investing in sustainable, high-quality real estate assets. Lunate’s investment in ICDBP aligns with their Long Term Capital strategy and reinforces their commitment to strategic investments in premium assets worldwide.
ICD Brookfield Place caters to major global financial institutions, law firms, and multinational corporations, with over 98 percent occupancy at premium rental rates. Brookfield Properties will continue to manage the property, leveraging its expertise in sustainable property management and tenant relationships.
Khalid Al Bakhit, chairman of ICD Brookfield, welcomed Lunate and Olayan as partners, highlighting their trust in the development’s innovation and success. Murtaza Hussain, managing partner at Lunate, emphasized 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 evolution of the UAE’s real estate landscape, solidifying its position as a global investment destination. Watch this space for further developments in this exciting venture.
