Lunate and Olayan buy into Dubai’s ICD Brookfield Place
- Date: 08-Apr-2024
- Source: AGBI
- Sector:Financial Services
- Country:UAE
Lunate and Olayan buy into Dubai’s ICD Brookfield Place
Dubai’s sovereign wealth fund Investment Corporation of Dubai and Brookfield Corporation have sold a 49 percent stake in ICD Brookfield Place (ICDBP), the emirates’ largest office tower. Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5 percent equity interest in ICDBP. It is the largest institutional third-party single-asset real estate […]
ICD and Brookfield sell 49% stake
Lunate and Olayan buy 24.5% each
Soaring rents for Dubai office space
Dubai’s sovereign wealth fund Investment Corporation of Dubai and Brookfield Corporation have sold a 49 percent stake in ICD Brookfield Place (ICDBP), the emirates’ largest office tower.
Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5 percent equity interest in ICDBP.
It 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.
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ICDBP, in Dubai International Financial Centre, opened its doors to global financial institutions, law firms and multinational corporations in the middle of the pandemic in 2020.
Rents have soared and occupancy levels are approaching almost 100 percent.
“In a very short time ICD Brookfield Place has become a major landmark and