Lunate and Brookfield form a USD 1 bn JV to invest in real estate: Abu Dhabi-based asset manager Lunate partnered with Brookfield Asset Management to launch a USD 1 bn joint venture (JV) focused on residential real estate in the Middle East, according to a press release.

The new venture will focus on developing high-quality build-to-sell and opportunistic buy-to-sell residential assets, across Saudi Arabia and the UAE. The JV will establish a dedicated team to oversee these developments.

Lunate will contribute “a significant cornerstone investment to the JV” and will tap into its regional network to support fundraising and commercialization, according to the statement.

It’s not the first time the two firms have linked up: In April 2024, Lunate acquired a 24.5%stake in ICD Brookfield Place from Brookfield. While financial terms were not disclosed, Bloomberg previously valued the tower at USD 1.5 bn.

The story also got ink from Bloomberg.

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