Canada’s Brookfield Asset Management has acquired a controlling stake in Gulf Islamic Investments’ logistics real estate platform through a private real estate fund.
GII’s portfolio comprises 1.5 million square feet of high quality warehouses in the UAE. The acquisition marks the Canadian firm’s entry into the logistics sector in the region. Brookfield said it plans to “invest and scale the platform over time through the acquisition and development of high-quality logistics real estate assets”.
The value of the deal was not disclosed.
“Our on-the-ground approach to investment and our global relationships have helped us build a portfolio of marquee assets across real estate, infrastructure, and financial services in the region,” said Jad Ellawn, Managing Partner, Head of Middle East, Brookfield.
“Given the continued ecommerce and consumption-led growth in the region, we believe there will be exciting opportunities, to leverage our global expertise and provide solutions to our partners in the Middle East.”
Brookfield has an estimated $900 billion as assets under management. Brookfield, along with its partners, owns and operates 3 million square feet of commercial real estate in the
region, including ICD Brookfield Place, the region’s premier lifestyle and business address.
The company’s logistics fully integrated portfolio spans over 80 million square feet across five continents.