Real Estate Lunate and Olayan buy into Dubai’s ICD Brookfield Place By Gavin Gibbon April 8, 2024, 1:22 PM 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. NewsletterGet 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. Dubai preps office projects to ease supply squeeze Abu Dhabi’s Lunate buys stake in Adnoc’s pipelines Olayan and Canoo sign deal for electric vehicles in Saudi 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.
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