Dubai, 8 April 2024: Investment Corporation of Dubai (ICD) and Brookfield Corporation (Brookfield) today announced an agreement with Olayan Financing Company and Lunate for the sale of a 49% 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% equity interest in ICDBP. ICD and Brookfield will retain a combined 51% 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. ICD Brookfield Place is over 98% occupied at premium rents.

Brookfield Properties, the real estate operating arm of Brookfield Corporation, will continue to manage the property, leveraging its deep expertise in sustainable property management, and its established relationships with existing ICDBP tenants, many of whom lease other offices under Brookfield Properties' management globally.

Khalid Al Bakhit, Chairman, ICD Brookfield commented on the sale, “In a very short time ICD Brookfield Place has become a major landmark and the most coveted address in Dubai for businesses and leisure alike. 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.”

Echoing the sentiment, Jad Ellawn, Managing Partner, Regional Head of the Middle East, Brookfield said: “We are pleased to welcome Lunate and Olayan and are grateful to ICD for their partnership. This investment is a testament to the continued demand for premier office properties like ICD Brookfield Place and underscores the fact that capital continues to seek high-quality real estate globally.”

"Acquiring this significant stake in ICD Brookfield Place represents a strategic addition to our diverse portfolio. It 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. “We are excited to join our esteemed partners, ICD, Brookfield, and Lunate, and look forward to contributing to the continued success and legacy of this premier property," he added.

Reflecting on the agreement, Murtaza Hussain, Managing Partner at Lunate, said: “We are pleased to announce our acquisition of a stake in ICD Brookfield Place, one of the most iconic real estate developments in the MENA region. This transaction further supports our Long Term Capital strategy to invest in premium assets, delivering attractive yields and capital appreciation. Importantly, this investment also reinforces our existing relationship with Brookfield and marks the beginning of a valued partnership with ICD.” 

ICD Brookfield Place is recognized as the benchmark office building in the region, distinguishing itself with the prestigious LEED (Leadership in Energy and Environmental Design) Platinum certification and a coveted WELL Health & Safety rating. This strategic positioning empowers companies to seamlessly align with their own ESG targets.

About ICD

ICD is the principal investment arm of the Government of Dubai. It was established in May 2006 by decree (11) of 2006 and mandated with the consolidation and management of the Government of Dubai’s portfolio of commercial companies and investments. ICD was also assigned the provision of strategic oversight to portfolio companies through the development and implementation of effective corporate governance policies, and sound investment strategies. ICD is focused on maximizing stakeholder value for the long-term benefit of the Emirate.

ICD’s portfolio comprises some of Dubai’s most recognized companies, and represents a cross-section of vital economic sectors that the Government of Dubai has deemed strategic for the continued development and growth of the Emirate. The sectors include financial services, transportation, energy and industry, real estate and construction, hospitality and leisure, retail, and other holdings. In addition, ICD has embarked on a disciplined and sustainable strategy of global investments, which are synergistic with its existing portfolio, to extend Dubai’s presence and expertise into international markets.

For more information, please visit: http://www.icd.gov.ae/

About Brookfield Corporation

Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. Brookfield Corporation has one of the largest pools of discretionary capital globally, which is deployed across its three core businesses – asset management, insurance solutions, and operating businesses. Through its core businesses, Brookfield invests in real assets that form the backbone of the global economy to deliver strong risk-adjusted returns to its stakeholders. Over the long term, Brookfield Corporation is focused on delivering 15%+ annualized returns to its shareholders. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

About Lunate

Lunate is a new Abu Dhabi-based, Partner-led, independent global alternative investment manager with more than 160 employees and $105 billion of assets under management*. Lunate invests across the entire private markets spectrum, including buyouts, growth equity, early and late-stage venture capital, private credit, real assets, and public equities and public credit. Lunate aims to be one of the world’s leading private markets solutions providers through SMAs and multi-asset class funds, seeking to generate best-in-class risk-adjusted returns for its clients. Lunate recently established ALTÉRRA, the world’s largest private investment vehicle for climate change action, at COP28.

 *As of 31 March 2024 

About Olayan Financing Company

The Olayan conglomerate came into being in 1947 when its founder, Suliman Saleh Olayan, established its progenitor company, a company that endures to date under the Olayan Financing Company (OFC), a leading multinational enterprise with a diversified portfolio of over 32 companies, and global investments which extend across Saudi Arabia, the wider Middle East, and North Africa, Turkey, and India. A long-term strategic investor, OFC’s investments extend to public equities, private equities, strategic partnerships, and real estate assets as well as the portfolio of one of its main investments, Olayan Saudi Holding Company, which operates across six sectors powered by its many long-standing partnerships that have endured for several decades. OFC’s multicultural workforce comprises more than 14,500 qualified professionals, representing over 60 nationalities. In line with its commitment to creating a long-term positive impact on society, OFC’s philanthropy arm, the Suliman S. Olayan Foundation (SSOF), supports a broad range of education, healthcare, and community outreach initiatives. As a Saudi company, OFC actively contributes to Vision 2030’s economic diversification, local content, talent development, and circular economy goals.

Contact Details

ICD

pressenquiries@sabaconsultants.ae

Brookfield

Shveta Singh; Email: shveta.singh@brookfield.com; Mobile No: +91-9004287034

Lunate

media@lunate.com

Olayan

Yasser A. Almisfer; Email: Y.Almisfer@ofc.com; Mobile No: + 966-547955555