Skip to content Skip to Search
Skip navigation

Lunate and Olayan buy into Dubai’s ICD Brookfield Place

By Gavin Gibbon
City, Architecture, Building Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5 percent equity interest in ICDBP ICD Brookfield Place Dubai ICD Brookfield Place
Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5% equity interest in ICDBP
  • ICD and Brookfield sell 49% stake
  • Lunate and Olayan buy 24.5% each
  • Soaring rents for Dubai office space

Dubai’s sovereign wealth fund Investment Corporation of Dubai and Brookfield Corporation have sold a 49 percent stake in ICD Brookfield Place (ICDBP), the emirates’ largest office tower.

Abu Dhabi alternative investment fund Lunate and Saudi Arabia-based Olayan will each own 24.5 percent equity interest in ICDBP.

It is 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.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

ICDBP, in Dubai International Financial Centre, opened its doors to global financial institutions, law firms and multinational corporations in the middle of the pandemic in 2020.

Rents have soared and occupancy levels are approaching almost 100 percent.

“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,” said Khalid Al Bakhit, chairman, ICD Brookfield.

Average rents within the prime, Grade A, Grade B, and Grade C segments of the Dubai office market increased by 8 percent, 13.3 percent, 18.2 percent, and 20.3 percent respectively in the year to the last quarter of 2023. 

“Given the scarcity of available stock and the limited amount of upcoming development, much of which is already pre-leased, we expect rental growth to remain relatively strong over the forthcoming period, and high-quality assets will continue to outperform the market,” according to a real estate report from CBRE Middle East.

Latest articles

Mashreq Bank sells Neopay

Mashreq sells majority stake in NeoBank in $385m deal

Mashreq Bank has sold a 65 percent stake in its subsidiary IDFAA Payments, more commonly known as NeoPay, in a deal worth $385 million. The Dubai-listed lender sold the stake to Bahrain-headquartered alternative asset manager Arcapita Group Holdings Limited and Turkish fintech company Dgpays SARL, according to a bourse filing. It said Mashreq would retain […]

The global titans in the cloud computing market are jostling to get a foothold in Saudi Arabia

Global cloud platforms offer Saudis data protection promises

Saudi Arabia’s cloud computing market is heating up as global players find a footing in the country with promises to secure government information.  Saudi Arabia has set aside $18 billion to become a regional leader in cloud computing, the Saudi Data and AI Authority said this week, allowing foreign companies to open data centres.  Saudi […]

The company will develop a 1GW solar power plant and 100MW battery storage project

Egypt’s first hybrid solar project to break ground next year

Norway’s renewable energy producer Scatec will begin work on Egypt’s first hybrid solar power and battery storage project in the first half of 2025. The company has signed a US dollar-denominated 25-year power purchase agreement with the state-run Egyptian Electricity Transmission Company for a 1GW solar power plant and 100MW battery storage project. Financial details […]

Water, Waterfront, Shipping Container

Turkish exports to the UK hit all-time high

Turkey’s exports to the United Kingdom reached a record high in the first eight months of 2024, according to official data. Exports rose 11 percent year on year to $8.3 billion between January and August, Anadolu Agency reported, citing data from the Turkish Exporters Assembly. The automotive sector led the way, with exports reaching $2.7 […]