Investment Corp. of Dubai (ICD), a financing unit of the government, and Brookfield Asset Management will jointly launch a property fund with $100 million in seed money, Financial Times reports. The final size of the eight- to 10-year fund will be capped at $1 billion.
The fund, which will have a domestic focus aimed at boosting recovery in the real estate market, plans to invite additional capital from a select group of local, regional and international investors, adds Zee News. Brookfield Asset Management has about $150 billion of assets under management and is focused on property, renewable power and infrastructure assets.
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Investment Corp. ICD Brookfield Dubai Brookfield Asset Management