ICD Brookfield considers stake sale in iconic Dubai tower

A consultant for Brookfield declined to remark, whereas ICD didn’t reply to a request for remark.

The sale talks come amid a rebound within the emirate’s property market, which has benefited from an inflow of newcomers and despatched actual property costs and rents hovering. Workplace rents in Dubai are rising sooner than in New York and London since final 12 months as banks and companies increase into the monetary hub.

ICD Brookfield Place is an equally-owned three way partnership partnership between ICD and Brookfield Asset Administration. The tower, which rises greater than 900 toes (283 meters) over the town’s monetary district, opened simply because the pandemic unfold globally.

Its tenants now embody Financial institution of America Merrill Lynch, BNP Paribas, Clifford Probability, Freshfields Bruckhaus Deringer and JPMorgan. Roughly 95 per cent of its 1.1 million sq. toes of workplace and retail house is now taken or underneath supply, with a protracted waitlist for the remainder.