Dubai-based Meraas said 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 a diversified portfolio of Meraas 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, said a statement from Meraas.

A premier developer and operator of lifestyle destinations in Dubai, Meraas boasts a unique portfolio of properties combining the natural environment, design-led aesthetics, and relentless 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 is a notable success for the emirate in connection with Dubai’s Strategic Vision Plan 2021 and associated government initiatives aimed at promoting Dubai as a global business hub that attracts foreign direct investment, said the statement.
 
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 added.

Lauding the partnership, Meraas group chairman Abdulla Al Habbai said: "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 preeminent retail real estate investors globally, operating 168 retail locations and over 152 million sq ft of gross leasable area," he added.   
 
Brookfield Property Group CEO Brian Kingston said: "Meraas’ 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," noted Kingston.
 
"The partnership will help reinforce Dubai as a premium retail destination and is yet another signal of confidence in its future prospects by the global investment community," he added.-TradeArabia News Service