Baker McKenzie and Simmons & Simmons have advised on deals in the Dubai International Financial Centre (DIFC).
Bakers has represented Olayan Financing Company (OFC) on the acquisition of a 24.5% stake in ICD Brookfield Place, a commercial tower in DIFC housing businesses, including big-name law firms.
As part of the transaction, OFC alongside Lunate, an ADQ-backed alternative investment manager, will acquire a combined equity interest of 49% in the building from the Investment Corporation of Dubai (ICD) and global investment firm Brookfield.
The transaction is the largest institutional third-party single asset real estate transaction in the UAE and one of the largest commercial real estate transactions globally since 2020, according to a statement from the firm.
The Baker McKenzie team included lawyers from the firm’s offices in Dubai and Riyadh specialising in corporate, real estate, and finance.
Corporate partners Mohammad Al Rasheed and Marcos Spanos led on the deal, alongside real estate partner Keri Watkins.
Watkins, who co-heads Baker McKenzie’s real estate and hospitality practice group in the Middle East, said: “The ICD Brookfield Place has set a benchmark for real estate excellence in the UAE and the Middle East region, and we are honored to have played a role on this landmark transaction.”
Simmons, meanwhile, has advised Aditum Investment Management on the first operational fund platform in the DIFC. Aditum is an asset management firm regulated by the Dubai Financial Services Authority (DFSA) within DIFC.
The fund was formed in response to reforms in the UAE which place limits on the promotion of international funds to local investors, therefore enabling them to continue accessing the UAE market.
Under the platform, international asset managers will be able to establish DIFC-domiciled funds, managed by Aditum as a local third-party fund manager.
The Simmons team was led by finance partner and Middle East regional head, Muneer Khan, who said: “This innovative platform will play a central role in ensuring that international funds continue to have access to UAE investors.”
Aditum Global Access has been established as an Incorporated Cell Company (ICC) in the DIFC, under which ten investments funds have already been approved. These funds encompass a range of asset classes and include both conventional and Shariah-compliant funds, the firm said in a statement.
