If you’re looking for an apartment, now is the timeOctober 6, 2015 6:07
Dubai’s ICD, Brookfield To Form $1 Bln Property Fund
Fund to target Dubai real estate sector; ICD, Brookfields to each invest $100 mln in fund; To seek local, regional and international investors
October 26, 2011 5:25 by Reuters
Investment Corporation of Dubai (ICD)and Brookfield Asset Management Inc will seek up to $1 billion from a joint investment fund eyeing opportunities in the emirate’s battered property market, a UAE state news agency statement said.
ICD, Dubai’s main investment vehicle, and Canada’s Brookfield will each seed the fund with $100 million in capital and seek additional funds from a select group of local, regional and international investors, the statement said.
The fund will target opportunities in the Dubai real estate sector, with a focus on a wide class of assets in both freehold and non-freehold areas.
Its size will be capped at $1 billion and it will have a life of eight to 10 years, the statement said.
Dubai’s property market collapsed in 2009, ending an historic building spree. State-owned developer Nakheel was at the centre of the collapse and just managed to complete a restructuring of its $16 billion debt pile.
The market can expect more pain with oversupply likely to delay a price recovery in the Gulf emirate until 2016, ratings agency Moody’s said.
Brookfield, a property, power and infrastructure investor, has about $150 billion in assets under management.
ICD holds about $70 billion in assets and its portfolio includes airline Emirates and stakes in Dubai’s largest bank, Emirates NBD , developer Emaar Properties and Borse Dubai. (Reporting by Dinesh Nair and Praveen Menon, Editing by Erica Billingham)