September 22, 2019 / 7:53 AM / a month ago

Brookfield, Dubai's Meraas Holding create $1.4 bln retail JV

DUBAI, Sept 22 (Reuters) - Canada’s Brookfield Asset Management and Dubai’s Meraas Holding have agreed to form a joint venture valued at 5 billion dirham ($1.4 billion) to own and operate Meraas’ retail assets.

The assets owned and operated by the new JV include Dubai sites The Beach, City Walk and La Mer, Meraas said in a statement on Sunday.

The statement did not disclose how much each party held in the JV. The assets were previously owned by Meraas.

$1 = 3.6730 UAE dirham Reporting by Alexander Cornwell; Editing by Dale Hudson

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