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Meraas Holding, the master-developer owned by Dubai Government, has entered into a partnership with Canada’s Brookfield Asset Management to jointly own and operate retail assets in the UAE and the wider Gulf.
The AED 5 billion joint venture will include existing real estate assets in Dubai such as The Beach, City Walk and La Mer. However, there were no details available regarding the amount of equity each partner will hold in the venture.
Meraas has a portfolio of approximately 7.5 million sq m of land and over 1,400 retail units spread across 15 developments.
This is the first regional retail deal for Brookfield which boasts AED 1.4 trillion of assets under management. Brookfield’s real estate division manages about 42 million sq m of space valued at USD 194 billion.
“We believe in the future of the Dubai real estate market and look forward to working together with Meraas to create the leading retail player in the regional market while also exploring value creation opportunities throughout the assets,” said Brian Kingston, chief executive of Brookfield Property Group.
Cavendish Maxwell is the MENA region’s leading firm of property consultants and chartered surveyors. If you are looking for professional real estate consultation or advice on property related matters, please view our services.
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