‘Lunate and Olayan purchase shares in ICD Brookfield Place’

ICD and Brookfield Corporation have entered into an agreement with Olayan Financing Company and Lunate for the sale of a 49 percent stake in ICD Brookfield Place (ICDBP), a prominent commercial and retail property situated in the Dubai International Financial Centre (DIFC). This transaction, considered the largest institutional third-party single asset real estate deal in the UAE since 2020, marks a significant milestone for real estate investment in the region.

Following the completion of the sale, 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. The acquisition by Lunate aligns with its Long Term Capital strategy and strengthens its Real Assets portfolio, showcasing a commitment to strategic investments in high-quality assets globally.

ICD Brookfield Place, a premier mixed-use development in the DIFC, boasts high-quality space occupied by major international financial institutions, law firms, and multinational corporations. With over 98 percent occupancy at premium rents, the property continues to be a sought-after destination for businesses and leisure activities in Dubai.

Brookfield Properties will continue to manage the property, leveraging its expertise in sustainable property management and established relationships with existing tenants. Khalid Al Bakhit, Chairman of ICD Brookfield, expressed enthusiasm about the partnership with Lunate and Olayan, highlighting the trust and confidence in the development’s innovation and success in Dubai’s real estate market.

Jad Ellawn, Managing Partner at Brookfield, emphasized the continued demand for premier office properties like ICD Brookfield Place and the significance of global capital seeking high-quality real estate opportunities. The acquisition of a stake in ICDBP by Olayan Financing Company was viewed as a strategic addition to their diverse portfolio, aligning with their commitment to sustainable real estate investments.

Murtaza Hussain, Managing Partner at Lunate, celebrated the acquisition of a stake in ICD Brookfield Place as a significant milestone in their Long Term Capital strategy, focusing on premium asset investments that deliver attractive yields and capital appreciation. The transaction further solidifies their partnership with Brookfield and marks the beginning of a valued collaboration with ICD in the MENA region.