An agreement has been signed with Al Olayan Financial and Luneyt to sell 49% of ICD and Brookfield’s stake in ICD Brookfield Place.
Luneyt and Al Olayan Financial will each own 24.5% of the equity ownership in ICD Brookfield Place.
ICD and Brookfield will retain a combined ownership stake of 51%, split evenly between the two parties.
However, this transaction represents the largest single-asset institutional real estate transaction to a third party in the UAE.
It is also one of the largest office building sales globally since 2020.
This strategic transaction aims to expand the scope of investment in high-quality real estate across the UAE and the MENA region.
ICD Brookfield Place Became One of Dubai’s Most Prominent Landmarks
Khalid Al Bakhit, Chairman of ICD Brookfield Place, commented:
“In a short period of time, ICD Brookfield Place has become one of Dubai’s most prominent landmarks.
It is also a sought-after destinations for both business and leisure.
We are delighted to welcome Luneyt and Al Olayan as trusted partners.
This transaction highlights the confidence in this landmark development and the innovation that defines Dubai’s real estate sector.”
New Partnership
In the same context, Jad Al-Lane, Managing Partner and Regional Head for MENA at Brookfield, commented:
We are pleased to welcome Luneyt and Al Olayan and are proud of our partnership with ICD.
This investment reflects the continued demand for prime office space.
Such as ICD Brookfield Place and confirms that global capital continues to seek out well-located, well-structured real estate assets.
While Nabil Al Amoudi, CEO of Al Olayan Financial, commented:
Acquiring this significant stake in ICD Brookfield Place is a strategic move that enhances our diversified portfolio.
It reflects our commitment to investing in high-quality, sustainable real estate assets that align with our long-term vision of value creation.
We are pleased to work with our trusted partners ICD, Brookfield, and Luneyt.
In Addition, we look forward to contributing to the continued success and prominence of this landmark property.
Under the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Labor Organization Sector at the General Directorate of Residency and Foreigners Affairs in Dubai announced the implementation of 4 annual celebrations dedicated to workers in Dubai. pic.twitter.com/MSgyNAUcXS
— UAE Voice (@uae_voiceeng) April 4, 2024
Long-term Investment Strategy
Murtaza Hussain, Managing Partner at Luneyt added:
“We are delighted to announce our acquisition of a stake in ICD Brookfield Place, one of the most prestigious real estate developments in the MENA region.
This transaction supports our long-term investment strategy of targeting distinctive assets.
That deliver attractive returns and generate capital appreciation.
Importantly, this investment further strengthens our existing collaboration with Brookfield and marks the beginning of a fruitful partnership with ICD.”
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