Monday 21 October 2019
 
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PLAN FOR GCC-WIDE GROWTH

The joint venture will own and operate a portfolio of
Meraas retail assets including City Walk

Meraas, Brookfield to create $1.4 billion retail JV

DUBAI, 28 days ago

Dubai-based conglomerate Meraas Holding has entered a long-term strategic partnership with Brookfield Asset Management to create a joint venture worth Dh5 billion ($1.4 billion) to operate a retail-focused real estate platform in the UAE.

The joint venture will own and operate a diversified portfolio of Meraas retail assets, including The Beach, City Walk and La Mer and serve as a dedicated platform to explore growth opportunities in the retail sector across the UAE and the broader region.

This transaction represents a significant investment in the region for Brookfield and its debut investment in the retail sector. The partnership is a notable success for the Emirate in connection with Dubai’s Strategic Vision Plan 2021 and associated government initiatives aimed at promoting Dubai as a global business hub that attracts foreign direct investment.

Meraas is recognised as Dubai’s premier developer and operator of lifestyle destinations with a unique portfolio of properties combining the natural environment, design-led aesthetics, and relentless focus on customer experience.

The partnership aims to leverage Meraas’ regional brand recognition and experience in curating lifestyle-focused mixed-used developments together with Brookfield’s deep retail experience and extensive global relationships with brand partners and retailers. The platform shall further benefit from Brookfield’s global insights and best-in-class retail operating models to drive efficiencies and synergies.

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.

Abdulla Al Habbai, Meraas Group chairman, 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.”

Brookfield is one of the world’s largest investors in real estate with deep-rooted expertise across both developed and emerging markets.

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 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."

The partnership will help reinforce Dubai as a premium retail destination and is yet another signal of confidence in its future prospects by the global investment community.

Brookfield is a leading alternative asset manager with over $385 billion in assets under management and a 120-year heritage as an owner and operator of businesses. It has a reputation as one of the preeminent retail real estate investors globally, operating 168 retail locations and over 152 million sq ft of gross leasable area. – TradeArabia New Service




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