BUSINESS

Brookfield-led partnership to buy U.S. distribution network from Japanese owner

08/07/2013 07:31 EDT | Updated 10/07/2013 05:12 EDT
HAMILTON, Bermuda - Brookfield Property Partners L.P. (TSX:BPY.UN) and its partners are buying a network of 75 industrial distribution faculties operating in a dozen U.S. states in a deal valued at $1.1 billion.

Brookfield Property will own about 25 per cent of Atlanta-based Industrial Developments International Inc., with the rest owned by its institutional partners.

The seller is a subsidiary of Kajima Corp. of Japan.

Brookfield Property Partners is a publicly traded subsidiary of Toronto-based Brookfield Asset Management (TSX:BAM.A), which is primarily focused on real estate, electricity generation and the forestry sector through its holdings.

"The addition of IDI to Brookfield's existing industrial operations will create a leading global industrial real estate company able to deliver high quality distribution facilities to clients around the world," said Ric Clark, chief executive officer of Brookfield Property Group.