{"id":91477,"date":"2024-04-30T00:00:00","date_gmt":"2024-04-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/brookfield-snaps-up-controlling-stake-in-gii-warehouse-space\/"},"modified":"2024-04-30T00:00:00","modified_gmt":"2024-04-30T00:00:00","slug":"brookfield-snaps-up-controlling-stake-in-gii-warehouse-space","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/30\/brookfield-snaps-up-controlling-stake-in-gii-warehouse-space\/","title":{"rendered":"Brookfield snaps up controlling stake in GII warehouse space"},"content":{"rendered":"

Brookfield Asset Management acquired a controlling stake in Dubai-based Gulf <\/strong>Islamic Investments\u2019 (GII) realty platform <\/strong>for an undisclosed sum, Bloomberg<\/a> reports, citing people familiar with the matter. The transaction is the Canadian asset manager\u2019s first in the Middle East logistics sector. The company holds some USD 8 bn assets in private equity and real estate in the Middle East, making it one of the largest foreign investors in the region.<\/p>\n

What is Brookfield getting? <\/strong>The transaction grants Brookfield access to GII Dubai\u2019s 1.5 mn sqft of warehousing space in the UAE, including warehouses in Jebel Ali Freezone and National Industries Park that are already leased out to tenants. <\/p>\n

The move comes after Brookfield sold a 49% stake in ICD Brookfield Place<\/strong> \u2014 Dubai\u2019s largest office tower \u2014 to Abu Dhabi investment firm Lunate and Riyadh\u2019s Olayan Group earlier this month<\/a>, alongside Investment Corporation of Dubai (ICD). The financial terms of the agreement were not disclosed, but Bloomberg previously set the tower\u2019s value at USD 1.5 bn. Brookfield and ICD evenly split the remaining 51%. <\/p>\n

Brookfield \u2764\ufe0f<\/strong> UAE<\/strong> for investment: <\/strong>The Central Bank greenlit Brookfield\u2019s USD 2.76 bn acquisition<\/a> of Dubai-based payments provider Network International last month<\/a>. The acquisition is still pending clearances from regulatory authorities in Kenya, Nigeria, and Saudi Arabia. The Canadian firm also bought a 60% stake last year in First Abu Dhabi Bank\u2019s payments arm, Magnati. FAB had said<\/a> it would co-invest with Brookfield in the Network acquisition.<\/p>\n","protected":false},"excerpt":{"rendered":"

GII\u2019s realty platform includes 1.5 mn sqft of warehouse space<\/p>\n","protected":false},"author":1,"featured_media":91478,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[685,7,995,99,60,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-brookfield","tag-enterpriseam-uae","tag-gulf-islamic-investments","tag-logistics","tag-ma-watch","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"0c9f4690-138d-455f-be67-ebdf47cf0297","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2547.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Brookfield snaps up controlling stake in GII warehouse space","related_issue":[91468],"teaser":"GII\u2019s realty platform includes 1.5 mn sqft of warehouse space","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.9edc1b8d-369d-43c1-bcfd-14d51f5be371.mp3"},"yoast_head":"\nBrookfield snaps up controlling stake in GII warehouse space - 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