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Lunate, managing USD 110 billion in assets, has announced a USD 1 billion joint venture with Brookfield to develop and manage residential real estate across the Middle East. Building on its 24.5% stake in Dubai's ICD Brookfield Place, Lunate is now targeting build-to-sell and opportunistic buy-to-sell projects in high-growth markets like the UAE and Saudi Arabia. Lunate will anchor the investment and lead regional fundraising, while Brookfield brings global real estate expertise. The move comes amid a real estate boom in cities like Dubai and Riyadh, driven by foreign investment and economic reforms. The partnership aims to capitalise on growing institutional interest in the region.
Lunate, one of the region's most dynamic alternative investment managers with assets under management totalling one hundred and ten billion dollars, is deepening its push into real estate. Following its March 2024 acquisition of a 24.5 percent stake in ICD Brookfield Place, a flagship commercial tower in Dubai, the firm has now set its sights on the residential sector. Advertisement
Lunate recently announced a joint venture with Brookfield worth one billion dollars to develop and manage residential real estate across the Middle East. The partnership will target build-to-sell and opportunistic buy-to-sell projects, focusing on fast-growing markets such as the United Arab Emirates and Saudi Arabia. A dedicated team will be established to lead development and asset management under the new platform.
Lunate will make a 'significant' cornerstone investment in the venture and plans to leverage its extensive regional network to drive commercialization and fundraising efforts. Brookfield, known for its global expertise in real estate and infrastructure, brings complementary capabilities to the table.
The venture comes at a time of sustained momentum in Gulf real estate markets. In Dubai, residential prices increased nearly seventy percent between 2020 and the end of 2024, according to Knight Frank, driven by foreign investment and government-led residency reforms. Neighbouring Abu Dhabi is also attracting international buyers, buoyed by the influx of hedge funds, family offices, and cryptocurrency firms setting up operations.
Meanwhile, Riyadh's property market is heating up as well, with apartment prices climbing seventy-five percent over the past four years, reflecting Saudi Arabia's rapid economic transformation and urban development push.
This joint venture marks an important move to tap into that regional demand. As institutional interest in Middle Eastern real estate continues to grow, Lunate and Brookfield are positioning themselves at the forefront of a sector that is being reshaped by demographic shifts, regulatory liberalization, and investor appetite for long-term growth opportunities.
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