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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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Accept allCookie preferencesxSarah-Jane Carter
BA (Hons) DipM
Head of Marketing
Sarah-Jane joined Cavendish Maxwell in January 2020 as Head of Marketing and is responsible for the development of the marketing strategy and execution across the Middle East region. An energetic and results driven marketer, Sarah-Jane possesses a wealth of multi-channel marketing experience, within both B2B and B2C environments which she has gained over a 25 year career. Prior to joining Cavendish Maxwell, Sarah-Jane held senior marketing positions for major developers in Dubai including Emaar, Dubai Properties and Dubai Sports City. She also worked for IWG as the Regional Marketing Director responsible for the MEA and APAC regions. Before relocating to the UAE in 2005, Sarah-Jane held various management roles in public and private sector companies in the UK including ten years at Royal Mail and seven years at the Bank of America.
Sarah-Jane is a member of the Chartered Institute of Marketing and has a BA(Hons) Degree in Business and Marketing