Investment Corporation of Dubai (ICD) and Brookfield Corporation (Brookfield) have agreed to divest 49% of their ownership in ICD Brookfield Place, a mixed-use project in the Dubai International Financial Centre, to Saudi Arabia’s Olayan Financing Company and Abu Dhabi’s Lunate.

Upon completion, one of Lunate’s funds and Olayan Financing will each own a 24.5% equity interest in the Dubai tower.

ICD and Brookfield will retain a combined 51% equity interest, split equally between the parties.  

The value of the deal was not disclosed.

ICD Brookfield Place provides high-quality retail and commercial space to major global financial institutions, law firms and multinational corporations.

The project, with a net leasable area of 1.1 million square feet, is more than 98% occupied at premium rents.

Brookfield Properties, the real estate operating arm of Canada’s Brookfield Corporation, will continue to manage the property.

“This transaction further supports our long-term capital strategy to invest in premium assets, delivering attractive yields and capital appreciation,” said Murtaza Hussain, Managing Partner at Lunate.

(Editing by Seban Scaria