UAE Lunate, Saudi Olayan Buy 49% Stake in ICD Brookfield
Upon finalization, Lunate, via one of its funds, and Olayan Financing Company will each hold a 24.5% equity interest in ICDBP.
The Investment Corporation of Dubai (ICD) and Brookfield Corporation revealed an agreement with Saudi Olayan Financing Company and UAE’s Lunate for the sale of a 49% stake in ICD Brookfield Place (ICDBP), a commercial and retail property situated in Dubai International Financial Centre (DIFC).[1]
Upon finalization, Lunate, via one of its funds, 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, evenly split between the two entities.
This transaction marks the largest institutional third-party single asset real estate deal in the UAE and one of the most significant commercial real estate transactions globally since 2020.
ICD Brookfield Place, a mixed-use real estate development in the DIFC, offers premium space to global financial institutions, law firms, and multinational corporations with over 98% occupancy at premium rents.
ICD Brookfield Place is recognized as the benchmark office building in the region due to LEED Platinum certification and WELL Health and Safety rating.