Abu Dhabi-based investment manager Lunate has entered a $1 billion joint venture with Brookfield to invest in residential real estate across the Middle East, the companies said in a statement on Tuesday.
The partnership will target build-to-sell and buy-to-sell residential projects in the UAE, Saudi Arabia, and other regional markets. A dedicated team will be set up to develop and manage the assets.
Lunate, which manages $110 billion in assets, will make a cornerstone investment and use its regional network to support fundraising and commercial efforts, it said.
The agreement expands on Lunate’s growing exposure to Gulf real estate. In March 2024, it acquired a 24.5% stake in ICD Brookfield Place, a major commercial tower in Dubai International Financial Centre.
The move comes amid continued growth in the region’s residential property markets. Dubai home prices surged nearly 70% in the four years to December 2024, driven by foreign investment and changes to visa and residency policies, according to Knight Frank.
Abu Dhabi has also attracted foreign demand, with new business activity from hedge funds, family offices, and digital asset firms. In Saudi Arabia, average apartment values in Riyadh have increased by 75% since 2020, Knight Frank data show.
Brookfield, which manages more than $850 billion globally, has been active in the region through its real estate, infrastructure, and private equity arms.
