Lunate and Brookfield form a USD 1 bn JV to invest in real estate: Abu Dhabi-based asset manager Lunate and Brookfield Asset Management are launching 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 the UAE, Saudi Arabia, and other Middle East markets. 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.

Brookfield wants to ramp up its real estate investments in Dubai: It is reportedly considering developing a mixed-use community project following the success of ICD Brookfield Place. The firm’s JV with Dubai Holding, Merex Investment, plans to redevelop La Mer North into an ultra-luxury residential community featuring 225 homes.

The story also got ink from Bloomberg.

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