Olayan and Lunate acquire stakes in ICD Brookfield Place

Olayan and Lunate acquire stakes in ICD Brookfield Place

Published: Mon 8 Apr 2024, 5:22 PM

Investment Corporation of Dubai (ICD) and Brookfield Corporation on Monday announced an agreement with Olayan Financing Company and Lunate for the sale of a 49 per cent stake in ICD Brookfield Place (ICDBP), a world-class commercial and retail property located in the Dubai International Financial Centre (DIFC).

Upon completion, Lunate, through one of its funds, and Olayan Financing Company will each own a 24.5 per cent equity interest in ICDBP. ICD and Brookfield will retain a combined 51 per cent equity interest, split equally between the two parties. As 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, this acquisition sets a benchmark for high-quality, large-scale real estate investment in the UAE and the Mena region.

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.

ICD Brookfield Place, the premier mixed-use real estate development located in the DIFC, provides high quality space to major global financial institutions, law firms and multinational corporations.