Property fund from ICD, Brookfield

Investment Corporation of Dubai (ICD) and Brookfield Asset Management will seek up to $1 billion from a joint investment fund eyeing opportunities in the emirate's property market, a UAE state news agency statement said.

ICD, Dubai's main investment vehicle, and Canada's Brookfield will each seed the fund with $100 million in capital and seek additional funds from a select group of local, regional and international investors, the statement said.

The fund will target opportunities in the Dubai real estate sector, with a focus on a wide class of assets in both freehold and non-freehold areas.

Its size will be capped at $1 billion and it will have a life of eight to 10 years, the statement said.

Brookfield, a property, power and infrastructure investor, has about $150 billion in assets under management.

ICD holds about $70 billion in assets and its portfolio includes airline Emirates and stakes in Dubai's largest bank, Emirates NBD, developer Emaar Properties and Borse Dubai.

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