Dubai’s Meraas Holding has formed a 5 billion dirhams ($1.4 billion) strategic joint venture with Canada’s Brookfield Asset Management to own and operate retail destinations in the UAE.
The JV will seek to leverage its platform capabilities to source and execute retail opportunities across the region including expansion into high growth markets.
Meraas develops and operates a portfolio of retail assets including the already established The Beach, City Walk, La Mer, Box Park, Kite Beach.
“This transaction represents a significant investment in the region for Brookfield and its debut investment in the retail sector,” Meraas said in a statement.
Brookfield is a leading alternative asset manager with over $385 billion in assets under management It owns and operates iconic properties and assets across five continents.
Meraas Group Chairman, Abdulla Al Habbai, said: “We are delighted to form this partnership with a leading asset manager such as Brookfield. We hope this is the start of a fruitful relationship that will contribute to delivering on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the world’s leading investment destination whilst driving differentiation and innovation in the retail sector.”
Brian Kingston, Chief Executive Officer of Brookfield Property Group, said, “Meraas’ high quality lifestyle assets combined with Brookfield’s global relationships and execution capabilities will create a best-in-class portfolio for tenants."
(Writing by Gerard Aoun, editing by Seban Scaria)
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