Lunate, Brookfield to invest $1B in Saudi, UAE residential real estate
Lunate, an Abu Dhabi-based global alternative investment manager, announced a joint venture with Brookfield Asset Management to invest in the residential real estate sector in Saudi Arabia, the UAE and other Middle East countries, with a total expected value of $1 billion.
The joint venture will focus on developing high-quality residential properties, both for sale developments and build-to-sell properties, Lunate said in a statement.
Lunate will commit a significant principal investment in the joint venture and will leverage its regional network and capabilities to support the project's marketing and capital-raising efforts. This aligns with its strategy of developing distinguished partnerships and investment vehicles targeting high-growth sectors with promising opportunities.
The joint venture will establish a dedicated team to develop and manage these assets. The project aims to capitalize on positive trends in the Middle East's residential real estate market, supported by strong economic performance and robust population growth.
Lunate noted that the region continues to attract global attention as an emerging investment destination.
'Prime residential properties in the region continue to experience strong capital appreciation and positive rental growth with low vacancies, while property prices remain highly competitive in comparison to other global cities, enhancing their investment appeal.', Lunate highlighted.
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