IBC Group to invest $5bn in 10,000 Dubai holiday homes
The firm has identified opportunities in Dubai's short-term accommodation market, with Expo 2020 in mind
Private equity investment firm IBC Group has unveiled plans to acquire 10,000 holidays homes in Dubai and has contracted Berkshire Hathaway Home Services Gulf Properties to play an advisory brokerage role for the properties in a deal worth $5bn (AED 18 bn).
The partnership is part of IBC Group’s aim to lead the short-term accommodation market in Dubai to accommodate tourists for the Expo 2020 Dubai event, and leverage the brokerage expertise of Berkshire Hathaway Home Services Gulf Properties.
IBC Group said it plans to become a “key influencer” in building the confidence in the real estate industry across the Middle East through the partnership and has a scale up to acquire one million properties in over 100 cities across the globe.
“This partnership represents the coming together of organisations that each bring specific strengths to the table, which will ensure the delivery of the highest possible standards of services and facilities in the Dubai short term accommodation market,” said IBC Group chairman Khurram Shroff.