Meraas-Brookfield JV to operate, own La Mer, City Walk, The Beach
Newly formed 'retail-focused real estate platform' will also seek growth opportunities in the GCC's retail sector
Dubai’s Meraas Holding has entered a long-term strategic partnership with Brookfield Asset Management to form a “a retail-focused real estate platform” in the UAE that will own and operate Meraas’s retail assets such as The Beach, City Walk, and La Mer, as well as explore growth prospects in the GCC’s retail sector.
In a statement, Meraas said the transaction represented “a significant investment in the region for Brookfield and its debut investment in the retail sector”, adding that the development underscored the success of Dubai’s Strategic Vision Plan 2021, as well as other government initiatives “aimed at promoting Dubai as a global business hub that attracts foreign direct investment”.
The partnership will see Meraas’s “regional brand recognition” and retail-sector experience combined with “Brookfield’s deep retail experience” to drive synergies.
Commenting on the collaboration, Meraas’s group chairman, HE Abdulla Al Habbai, said: “We are delighted to form this partnership with a leading asset manager such as Brookfield.
“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 Property Group’s chief executive officer, Brian Kingston, added: “Meraas’s high-quality lifestyle assets combined with Brookfield’s global relationships and execution capabilities will create a best-in-class portfolio for tenants.
“We believe in the future of the Dubai real estate market and look forward to working together with Meraas to create the leading retail player in the regional market while also exploring value creation opportunities throughout the assets.”