Brookfield Property buying Industrial Developments
NEW YORK (AP) — Brookfield Property Partners is buying Industrial Developments International Inc. for $1.1 billion.
The transaction with Japan’s Kajima Corp. will make Brookfield Property Partners LP, based in Bermuda, one of the world’s biggest owners of industrial and logistics facilities. It will have operations in North America, Europe, the Middle East and China.
Industrial Developments owns 75 industrial distribution facilities in 12 U.S. states that serve consumer product, retail and industrial companies. The company also has a third-party property management business and some future development projects.
The acquisition will give Brookfield’s industrial portfolio more than 62 million square feet (5.76 million sq. meters) of operating assets and more than 79 million square feet (7.34 million sq. meters) of future development potential.
The buyout is expected to close in the fourth quarter.
“The combined business will own irreplaceable assets and development sites near major markets and transport routes,” Brookfield CEO Ric Clark said in a statement on Wednesday.
Brookfield Asset Management Inc. completed the spinoff of Brookfield Property Partners LP, its former commercial real estate unit, in April. Shares of Brookfield Property Partners closed Tuesday at $20.33, down about 1 percent since the spinoff.