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Brookfield adds to Dubai property portfolio with warehouse deal



Canadian investment giant Brookfield Asset Management has made a significant move in Dubai's bustling real estate scene, acquiring a controlling interest in the real estate arm of a local firm. This strategic move grants Brookfield access to a substantial portion of prime warehousing space in one of the world's most dynamic commercial property markets.


The acquisition involves Brookfield purchasing a stake in Gulf Islamic Investments LLC's real estate platform, which boasts ownership of approximately 1.5 million square feet of warehouse space across the United Arab Emirates. These warehouses, located in key areas such as Jebel Ali Free Zone and National Industries Park, are already occupied by tenants, indicating immediate revenue streams for the investment.


This transaction marks Brookfield's inaugural venture into the Middle East's logistics sector, broadening its global portfolio. While specific financial details remain undisclosed, Brookfield's entry into Dubai's logistics market underscores its confidence in the region's economic growth prospects.


Notably, this acquisition aligns with Dubai's ongoing commercial real estate boom. Brookfield's presence in the emirate extends beyond this recent transaction, including a stake in ICD Brookfield Place, the largest office tower in Dubai's financial district. Earlier reports by Bloomberg News indicated that Brookfield, in partnership with state-owned Investment Corp. of Dubai, divested a portion of its interest in ICD Brookfield Place at a valuation reaching up to $1.5 billion.


Brookfield's expanding footprint in the Middle East underscores its commitment to tapping into the region's investment opportunities. With approximately $8 billion in assets across private equity and real estate in the Middle East, Brookfield remains a key player in the region's economic diversification efforts, further cementing its position as one of the largest foreign investors in the area.


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