Brookfield and Lunate Join Forces for $1bln Middle East Real Estate Venture

Brookfield Asset Management, through its Middle East private equity strategy, and Lunate, a prominent Abu Dhabi-based investment manager, have announced a joint venture aimed at investing in the residential real estate sector across the Middle East. This JV, projected at USD 1 billion in equity, plans to develop high-quality build-to-sell and opportunistic buy-to-sell residential assets focusing on markets in the UAE, Saudi Arabia, and others in the region. Lunate intends to make a significant initial investment and leverage its regional network for commercialization and fundraising, aligning with their strategy to forge distinctive investment partnerships in burgeoning sectors. A dedicated team will manage the JV's assets, seeking to capitalize on favorable regional market trends highlighted by strong economic indicators and population growth. This partnership aims to harness Brookfield's real estate expertise and Lunate's regional influence to tap into the Middle East's thriving residential property market. The venture further builds on Lunate's prior acquisition of a 24.5% stake in ICD Brookfield Place in Dubai. Through this collaboration, both firms anticipate meeting the increasing demand for premium residential properties while creating sustainable long-term investor value.