This investment is a testament to the continued demand for premier office properties
Investment Corporation of Dubai (ICD) and Brookfield Corporation (Brookfield) recently announced an agreement with Olayan Financing Company and Lunate for the sale of a 49 percent 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 percent equity interest in ICDBP. ICD and Brookfield will retain a combined 51 percent equity interest, split equally between the two parties.
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. ICD Brookfield Place is over 98 percent occupied at premium rents.
“We are delighted to welcome Lunate and Olayan as partners. This transaction underscores the trust and confidence in this incredible development and in the innovation in Dubai’s real estate,” stated Khalid Al Bakhit, Chairman, ICD Brookfield.
“This investment is a testament to the continued demand for premier office properties like ICD Brookfield Place,” remarked Jad Ellawn, Managing Partner, Regional Head of the Middle East, Brookfield.
Commitment
“Acquiring this significant stake in ICD Brookfield Place showcases our commitment to investing in high-quality, sustainable real estate assets that align with our long-term view of value creation,” commented Nabeel M. Al-Amudi, CEO, Olayan Financing Company.
“Importantly, this investment also reinforces our existing relationship with Brookfield and marks the beginning of a valued partnership with ICD,” concluded Murtaza Hussain, Managing Partner, Lunate.
