‘Olayan and Lunate Invest in ICD Brookfield Place – LogisticsGulf’

Investment Corporation of Dubai (ICD) and Brookfield Corporation recently finalized a deal with Olayan Financing Company and Lunate for the sale of a 49% stake in ICD Brookfield Place (ICDBP), a prominent commercial and retail property situated in the Dubai International Financial Centre (DIFC).

Upon completion of the transaction, Lunate and Olayan Financing Company will each hold a 24.5% equity interest in ICDBP. Meanwhile, ICD and Brookfield will maintain a combined 51% equity interest, with an equal split between the two entities.

ICD Brookfield Place is a top-tier mixed-use real estate development within the DIFC, offering high-quality office space to major global financial institutions, law firms, and multinational corporations. The property boasts an impressive 98% occupancy rate at premium rental prices.

“We are thrilled to welcome Lunate and Olayan as partners. This deal highlights the trust and confidence in this remarkable development and the real estate innovation in Dubai,” stated Khalid Al Bakhit, Chairman of ICD Brookfield.

Jad Ellawn, Managing Partner and Regional Head of the Middle East at Brookfield, emphasized, “This investment reflects the ongoing demand for premier office properties like ICD Brookfield Place.”

Nabeel M. Al-Amudi, CEO of Olayan Financing Company, affirmed the company’s commitment to investing in high-quality, sustainable real estate assets that align with their long-term value creation strategy. Similarly, Murtaza Hussain, Managing Partner at Lunate, expressed excitement about the partnership with Brookfield and the beginning of a valued relationship with ICD.

The collaboration between these organizations underscores the appeal and potential of prime office properties in the Dubai market, indicating a positive outlook for the real estate sector in the region.