Brookfield Asset Management Inc. and a Dubai government investment arm will start a $1 billion fund to buy real estate assets in the emirate after prices dropped by more than half since 2008.
The eight-to-10-year fund will be started with $100 million each from Toronto-based Brookfield and the Investment Corporation of Dubai, the companies said today in a statement. It will target a “wide class of assets in both freehold and non-freehold areas.” Local, regional and international investors will also be invited to join the fund that will be capped at $1 billion.
“We see excellent opportunity in real estate in Dubai,” Brookfield Chief Executive Officer Bruce Flatt said in the statement. “We are witnessing a number of encouraging signs, in particular the arrival of long-term capital to the sector, which traditionally marks the early signs of recovery in real estate.”
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