Brookfield Asset Management Ltd.
said it has acquired a controlling stake in Dubai-based Gulf Islamic
Investments’ logistics real estate platform.
The acquisition marks the
Canadian firm's foray into the logistics sector in the region, it said in a
statement on Thursday. The company didn't disclose the value of the deal.
Brookfield plans to invest and
scale the platform over time through the acquisition and development of
high-quality logistics real estate assets.
Jad Ellawn, Managing Partner,
Head of Middle East, Brookfield said: “Given the continued e-commerce 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.”
The Toronto-based Brookfield,
which has more than $900 billion in assets under management, manages more than
$5 billion in the region. It owns and operates 3 million square of commercial
real estate in the region, including Dubai's ICD Brookfield Place.
GII, a Shari’ah-compliant global
alternative investment company with over $4.5 billion of assets under its
management, has been actively investing in logistics real estate assets since
2018.