Riyadh - Sharikat Mubasher: Brookfield Asset Management and Lunate, an Abu Dhabi-based global alternative investment manager, launched a new joint venture (JV) with a total projected equity of $1 billion to invest in the residential real estate sector in the Middle East.
The JV will focus on developing high-quality build-to-sell and opportunistic buy-to-sell residential assets across the UAE, Saudi Arabia, and other markets in the Middle East, a recent statement revealed.
Committing a significant investment cornerstone to the JV, Lunate will leverage its regional network and capabilities to help drive the JV’s commercialization and fundraising efforts.
The JV aims to capitalize on favorable trends in the Middle East’s residential real estate market, underpinned by strong economic performance and robust population growth.
Khalifa Al Suwaidi, Managing Partner at Lunate, said: “Our partnership with Brookfield is a strong demonstration of our ability to provide our clients access to compelling investment opportunities by joining forces with experienced investment managers. Brookfield brings unparalleled real estate and investment expertise, with a proven track record of delivering marquee developments, both regionally and globally.”
Meanwhile, Jad Ellawn, Managing Partner and Regional Head for the Middle East at Brookfield, commented: “Our joint venture with Lunate is significant as we expand into the high-quality residential real estate sector, driven by a rising population seeking premium properties. By combining our private equity operating expertise with our deep global real estate development and management experience, we are well-positioned to deliver best-in-class assets catering to this demand.”
He affirmed that the partnership reflects the company’s commitment to creating long-term value for investors while catering to the evolving consumer preferences.
This new JV follows Lunate’s March 2024 acquisition of a 24.5% equity interest in ICD Brookfield Place, a world-class commercial and retail property located in the Dubai International Financial Centre (DIFC).