ICD Brookfield Management Ltd, Dubai
At a time when office vacancy across Dubai was at 20 percent, Brookfield saw an opportunity for institutional Grade A real-estate assets in the city. They identified a site located in the 100-percent occupied Dubai International Financial Centre (DIFC) free zone, one of the most well-established polycenters of Dubai, due its connectivity, tax-friendly regime and common-law framework. The DIFC is a 110-hectare district now supports more than 21,000 workers with a complete set of infrastructure and amenities that is constantly being augmented.
The 53-story, 282-meter-high ICD Brookfield Place, is the first major project to get under way at the DIFC since the onset of the 2008 financial crisis. It connects to an adjacent, 13,935-square-meter, five-story retail center. There is also a 1,672-square-meter public area flanked by restaurants that will feature regular arts and cultural events, and the complex will have parking for 2,700 cars. The top three floors of the tower are being built as “Sky View suites” with internal gardens, featuring 6-meter ceilings. The project has been designed to achieve LEED Gold certification. The main contract to build ICD Brookfield Place has been awarded to a joint venture between Brookfield Multiplex and South Korea’s Ssangyong Engineering and Construction. It is expected to be completed in the fourth quarter of 2018, with the first tenants likely to move in by early 2019. This presentation discusses the key investment principles for a leading global asset manager when looking at development, and what formed the brief for ICD Brookfield Place.