UAE – Mubasher: IBC Group eyes acquiring 10,000 premier properties in Dubai to furnish and manage as holiday homes, according to IBC Group’s recent statement.
IBC has contracted Berkshire Hathaway HomeServices Gulf Properties (BHHS Real Estate Broker LLC Gulf Properties) on an exclusive basis to play an advisory brokerage role to assist in identifying, acquiring and financing the properties.
The transaction’s total cost amounted to AED 18 billion ($5 billion), with a possible scale up to acquiring 1 million properties in over 100 cities across the globe.
IBC Group, which operates in the UAE since 2014, has focused on private equity investment in real estate, arts and future technologies.
The group aims to become a key influencer in building confidence in the Real Estate industry across the Middle East.
“The IBC Group perceives strong opportunities for growth in the short-term accommodation market in Dubai, especially in light of the approaching Expo 2020 event,” the statement highlighted.