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Abu Dhabi alternative investment firm Lunate and Brookfield Asset Management have announced a $1 billion build-to-sell joint venture that will invest in residential assets across the UAE, Saudi Arabia, and other markets in the Middle East.
Lunate, which has more than $110 billion in assets under management, said it will commit a “significant cornerstone investment” to the JV and will leverage its regional network to help drive the JV’s commercialisation and fundraising. Details of the investment have not been disclosed.
Dubai and Abu Dhabi are key focus markets for the JV.
The announcement follows on from Lunate’s March 2024 acquisition of a 24.5% equity interest in ICD Brookfield Place, a commercial and retail property located in the Dubai International Financial Centre (DIFC).
The UAE’s residential market has reported robust transaction activity in Q1 2025, according to real estate services firm Savills, with Dubai reporting property transaction volumes rising 23% year-on-year, dominated by apartments.
The real estate consultancy’s ‘Dynamic Wealth Indices’ in April placed Dubai and Abu Dhabi in top spot for high net worth individuals (HNWIs) and footloose companies choosing to locate.
(Writing by Bindu Rai, editing by Seban Scaria)
