Brookfield adds to Dubai property portfolio with warehouse deal – Hindustan Times

2 minutes, 9 seconds Read
Bloomberg |

Apr 29, 2024 01:55 PM IST

Brookfield Asset Management bought a controlling stake in a Dubai-based firm’s real estate unit, securing a slice of prime warehousing space

(Bloomberg) — Brookfield Asset Management bought a controlling stake in a Dubai-based firm’s real estate unit, securing a slice of prime warehousing space in one of the world’s hottest commercial property markets.

Brookfield Asset Management bought a controlling stake in a Dubai-based firm’s real estate unit, securing a slice of prime warehousing space in one of the world’s hottest commercial property markets (AP) (Representational photo)(HT_PRINT)
Brookfield Asset Management bought a controlling stake in a Dubai-based firm’s real estate unit, securing a slice of prime warehousing space in one of the world’s hottest commercial property markets (AP) (Representational photo)(HT_PRINT)

The Canadian asset manager is buying into Gulf Islamic Investments LLC’s realty platform that owns about 1.5 million square feet of warehouse space in the United Arab Emirates, people familiar with the matter said.

Unlock exclusive access to the latest news on India’s general elections, only on the HT App. Download Now! Download Now!

Also Read: Dubai mansion sales soar as wealthy flock to palm-shaped island

For Brookfield, the deal marks its first foray into the Middle East logistics space. The GII unit controls warehouses in Jebel Ali Free Zone and National Industries Park that are already leased out to tenants, the people said, asking not to be identified as the talks are private.

Representatives for Brookfield and GII declined to comment. GII manages about $4.5 billion in assets across India, the US, and the Persian gulf.

Also Read: Real Estate trends: Five clinchers for a 100 crore property deal

The transaction comes amid a boom in Dubai’s commercial real estate market and adds to Brookfield’s assets in the emirate, which include a stake in the largest office tower in the city’s financial hub.

Alongside state-owned Investment Corp. of Dubai, Brookfield recently sold a stake in that tower — ICD Brookfield Place — at a valuation of as much as $1.5 billion, Bloomberg News has reported.

Also Read: Mumbai secures 3rd spot on Prime Global Cities Index Q4 2023 after Manila and Dubai

Brookfield is one of the largest foreign investors in the Middle East with assets of about $8 billion across private equity and real estate. Its Gulf ties have been expanding as the region’s rulers seek to diversify their economies and open up to more foreign capital.

Also Read: Industrial and warehousing supply in Q1 2024 touches 7 mn sq ft, highest in last two years

©2024 Bloomberg L.P.

Amazon Summer Sale is here! Splurge and save now! Click Here!

Share this article

This post was originally published on 3rd party site mentioned on the title of this site

Similar Posts

X
0
    0
    Your Interest
    Your Interest List is emptyReturn to Buying
    ×