01 October 2019

Dubai-based Meraas says it has joined hands with Brookfield Asset Management to set up a new real estate platform in the UAE at an investment of Dh5 billion ($1.4 billion) that will own and operate Meraas’ diversified portfolio of  retail assets, including The Beach, City Walk and La Mer.

The new venture will serve as a dedicated platform to explore growth opportunities in the retail sector across the UAE and the broader region, according to Meraas.

Meraas boasts a unique portfolio of properties combining the natural environment, design-led aesthetics, and a focus on customer experience, while 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.

This transaction represents a significant investment in the region for Brookfield and its debut investment in the retail sector.  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, it adds.

Lauding the partnership, Meraas group chairman Abdulla Al Habbai says: “We hope this is the start of a fruitful relationship that will contribute to delivering on the vision of HH 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. It has a reputation as one of the pre-eminent retail real estate investors globally, operating 168 retail locations and over 152 million sq ft of gross leasable area,” he adds.  

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