Abu Dhabi’s Lunate, Saudi Group Buy Into Iconic Dubai Tower
- Lunate and Olayan buy a 49% stake in ICD Brookfield Place
- The tower is almost fully occupied and commands high rents
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An Abu Dhabi investment firm and a Saudi conglomerate have bought into the largest office tower in Dubai’s financial hub, securing a slice of one of the world’s few upbeat commercial property markets.
The $105 billion fund Lunate and Saudi Arabia’s Olayan Financing Company have bought a 49% stake in ICD Brookfield Place in one of the largest commercial real estate transactions since the start of the pandemic, according to a statement. Financial details weren’t disclosed, though Bloomberg has previously reported the tower could be worth as much as $1.5 billion.