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Olayan, Lunate acquire equity ownership in ICD Brookfield Place

Olayan, Lunate acquire equity ownership in ICD Brookfield Place
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Mubasher: Investment Corporation of Dubai (ICD) and Brookfield Corporation (Brookfield) penned a deal with Olayan Financing Company and Lunate for the sale of a 49% stake in ICD Brookfield Place (ICDBP), according to a press release.

Under the joint agreement, Lunate, through one of its funds, and Olayan will acquire a 24.50% stake in ICDBP, each.

Meanwhile, ICD and Brookfield will retain a combined 51% equity interest, split equally between the two parties.

Lunate’s investment in ICDBP aligns with its long-term capital strategy and bolsters 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 in the Dubai International Financial Centre (DIFC), provides high-quality space to key global financial institutions, law firms and multinational corporations.

Khalid Al Bakhit, Chairman of ICD Brookfield, commented: “This transaction underscores the trust and confidence in this incredible development and the innovation in Dubai’s real estate.”

Jad Ellawn, Managing Partner, Regional Head of the Middle East, Brookfield, said: “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.”

Nabeel Al Amudi, CEO of Olayan, mentioned: "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.”

Murtaza Hussain, Managing Partner at Lunate, highlighted: “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.”