Brookfield Asset Management (BAM) and Abu Dhabi-based asset manager Lunate are collaborating over the formation of a $1 billion joint venture focused on residential real estate investment in the Middle East, Lunate said Tuesday.
The joint venture is expected to focus on the development of build-to-sell and buy-to-sell residential assets in the UAE, Saudi Arabia, and additional markets in the Middle East, said Lunate, which plans to "commit a significant cornerstone investment to the JV."
The joint venture will set up its own team for asset development and management, with Dubai and Abu Dhabi as the key focus markets, Lunate added.
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