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Brookfield Asset Management Ltd. said it has acquired a controlling stake in Dubai-based Gulf Islamic Investments’ logistics real estate platform.
The acquisition marks the Canadian firm's foray into the logistics sector in the region, it said in a statement on Thursday. The company didn't disclose the value of the deal.
Brookfield plans to invest and scale the platform over time through the acquisition and development of high-quality logistics real estate assets.
Jad Ellawn, Managing Partner, Head of Middle East, Brookfield said: “Given the continued e-commerce and consumption-led growth in the region, we believe there will be exciting opportunities, to leverage our global expertise and provide solutions to our partners in the Middle East.”
The Toronto-based Brookfield, which has more than $900 billion in assets under management, manages more than $5 billion in the region. It owns and operates 3 million square of commercial real estate in the region, including Dubai's ICD Brookfield Place.
GII, a Shari’ah-compliant global alternative investment company with over $4.5 billion of assets under its management, has been actively investing in logistics real estate assets since 2018.
(Writing by Brinda Darasha; editing by Seban Scaria)
