Meraas Holding and Brookfield Asset Management have formed a joint venture worth $1.4bn (AED5bn) that will own and operate retail assets including The Beach, City Walk and La Mer.
The long-term strategic partnership aims to leverage the reputation of Meraas for creating lifestyle-focused mixed-use developments with the retail expertise and international contacts asset manager Brookfield has.
The joint venture will look to “execute” retail opportunities in the region and expand into high growth markets, although neither company specified which ones.
Meraas 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.”
Brian Kingston, CEO of Brookfield Property Group, added: “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,” he added.