Chinese CIC And Saudi Fund Express Interest In Dubai Skyscraper


Over A Dozen Entities Worldwide Have Shown Interest In The Joint Venture.Potential bidders from various countries, including China Investment, Malaysia’s KLCC Property Holdings (also known as KLCC REIT), and Saudi Arabia’s Hassana, are expressing interest in acquiring a stake in ICD Brookfield Place, an office tower located in the heart of Dubai’s bustling financial district. According to insiders familiar with the matter, the current owners, Brookfield Asset Management and Investment Corp. of Dubai, are contemplating selling up to 49 percent of their ownership in the prestigious property. Among its notable tenants are JPMorgan Chase & Co. and Bank of America Corp.The joint venture has garnered attention from more than a dozen entities globally. Including sovereign wealth funds and pension funds, with at least one candidate expressing interest in acquiring the entire tower. Emirates NBD Capital and JPMorgan, as previously reported by Bloomberg, are facilitating the sales process.However, no final decisions have been made, and a possibility that the companies may decide not to sell the stake. As of now, representatives for ICD Brookfield and China Investment Corporation (CIC) have declined to comment. While representatives for KLCC and Hassana have not responded to email inquiries.ICD Brookfield Place stands tall as an equally owned joint venture between ICD and Brookfield. That soared over 900 feet (274 meters) above Dubai’s financial district. Notably, it opened just as the pandemic began to spread globally. The building boasts 46 elevators servicing 53 floors and features indoor gardens, providing a refreshing escape from the scorching summer heat. The tower’s allure has been fueled by the surge in demand for premium office space in Dubai, where rental rates have surpassed those of renowned hubs like London and New York. As businesses expand their presence in the city known for its opulent architecture.

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