Dubai-based real estate private equity investment firm IBC Group is planning to purchase 10,000 premier properties in Dubai, to furnish and manage as holiday homes.
As part of the deal, IBC Group has contracted Berkshire Hathaway HomeServices Gulf Properties on an exclusive basis to serve as a consulting broker to assist in the identification, acquisition and financing.
The company said that the transaction, which is valued at $5 billion, could reach 1 million properties in more than 100 cities around the world.
IBC Group expects this strategic partnership with Berkshire Hathaway HomeServices to enable the company to become a key influencer in building confidence in the Real Estate industry across the Middle East.