Meraas entered a long term strategic partnership with Brookfield Asset Management to jointly own and operate a retail-focused real estate platform in the UAE with a mandate to explore growth opportunities in the retail sector across the GCC region. Brookfield is one of the world’s largest investors in real estate with deep-rooted expertise across both developed and emerging markets.
This transaction represents a significant investment in the region for Brookfield and its debut investment in the retail sector.
Looking forward, the joint venture will seek to leverage its platform capabilities to source and execute retail-orientated opportunities across the region including expansion into high growth markets.
Meraas Group Chairman, His Excellency Abdulla Al Habbai, said: “We are delighted to form this partnership with a leading asset manager such as Brookfield. We hope this is the start of a fruitful relationship that will contribute to delivering on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the world’s leading investment destination whilst driving differentiation and innovation in the retail sector.”
Brian Kingston, chief executive officer of Brookfield Property Group, said, “Meraas’ high quality lifestyle assets combined with Brookfield’s global relationships and execution capabilities will create a best-in-class portfolio for tenants. We believe in the future of 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.”
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