Abu Dhabi – Mubasher: Abu Dhabi Investment Company (Invest AD) on Monday announced that it signed an agreement to establish a joint venture with Brookfield Asset Management.
The new venture aims to create institutional-quality investment products comprising UAE real estate, including a real estate investment trust (REIT) under the regulatory framework of the Abu Dhabi Global Market (ADGM), according to a press release.
The agreement was signed by Invest AD CEO Faras Al Ramahi and Brookfield Asset Management managing partner Anuj Ranjan, the company added.
“The UAE real estate market has reached a level of maturity that requires the professional management of assets and supports the creation of investment vehicles that will be attractive to institutional and individual investors,” Al Ramahi said.
“Through the REIT, which is just the first product that the joint venture is planning, we aim to build a portfolio of high-quality assets and bring other property owners across the UAE into a successful partnership.” Al Ramahi continued.
“Through this REIT, investors will have the opportunity to access a diversified portfolio of premier properties, managed by a team with an established track record for value creation in the sector,” Anuj Ranjan said.
REITs have become increasingly popular globally in recent years, as they offer investors tradable units, with a high proportion of rental income passed through in the form of dividends.
