Lunate Teams Up with Brookfield to Create $1 Billion Joint Venture to Invest in Housing Market
Abu Dhabi investment company Lunate has teamed up with Canadian investment firm Brookfield to start a \$1 billion joint project. This project will focus on investing in homes and housing in the Middle East, Lunate said in a statement on Tuesday.
$1 billion Joint Venture (JV)
The joint venture, with $1 billion planned for investment, will focus on building and selling good-quality homes and buying and selling residential properties in the UAE, Saudi Arabia, and other Middle East countries.
Lunate said it will create a special team to build and manage these properties.
Lunate manages $110 billion in assets and will put a large initial investment into this new project.
The Abu Dhabi company will also use its local connections and knowledge to help sell and raise money for the project. This fits with its plan to create unique investment partnerships in fast-growing areas.
This deal comes after Lunate bought a 24.5% share of ICD Brookfield Place, a big office tower in Dubai’s financial area, in March 2024.
Growth Opportunities
The new project wants to benefit from the growing real estate market in the Middle East. This growth is supported by a strong economy and a growing population. More international investors are coming to the region, and the UAE is becoming a popular place for wealthy people in 2024.
Home prices and rents in cities like Dubai and Abu Dhabi have been going up. This is because there are not many empty homes and prices are lower compared to other major cities worldwide.
In 2024, home prices rose 18% in Dubai and 11.1% in Abu Dhabi. More price increases are expected in 2025.
Over the past four years until December 2024, home values in Dubai grew by almost 70%, according to a report from Knight Frank. Abu Dhabi also saw strong demand from foreign buyers, including hedge funds, family offices, and crypto companies.
Additional Info
In January 2025, the Italian gas company Snam sold its small share in ADNOC Gas Pipeline to Lunate.
Published: 22th May 2025
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