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Invest AD, Brookfield teaming up for UAE-focused real estate venture

Asset manager Invest AD is teaming up with Brookfield Asset Management Inc. to establish a joint venture focused on U.A.E. real estate products, including a real estate investment trust.

Faras Al Ramahi, CEO of Abu Dhabi-based asset manager Invest AD, said in a release that the country's 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."

Anuj Ranjan, managing partner at Brookfield Asset Management, said the REIT will allow investors "to access a diversified portfolio of premier properties."

The release said the partners will apply to establish a REIT under the regulatory framework of the Abu Dhabi Global Market.