08:16 AM EDT, 04/29/2024 (MT Newswires) -- Brookfield Asset Management ( BAM ) bought a controlling stake in a Dubai-based firm's real estate unit, securing a slice of prime warehousing space in one of the world's hottest commercial property markets, Bloomberg News is reporting Monday.

The Canadian asset manager is buying into Gulf Islamic Investments LLC's realty platform that owns about 1.5 million square feet of warehouse space in the United Arab Emirates, people familiar with the matter said.

For Brookfield, the deal marks its first foray into the Middle East logistics space. The GII unit controls warehouses in Jebel Ali Free Zone and National Industries Park that are already leased out to tenants, the people said, asking not to be identified as the talks are private.

Representatives for Brookfield and GII declined to comment. GII manages about US$4.5 billion in assets across India, the U.S., and the Persian gulf

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