Brookfield buys DC operator

by Array

HAMILTON, Bermuda—Brookfield Property Partners LP and its partners are buying a network of 75 distribution faculties operating in a dozen US states in a deal valued at US$1.1 billion.

Brookfield is purchasing approximately 25 percent of Atlanta-based Industrial Developments International Inc (IDI). Brookfield’s institutional partners are acquiring the remaining 75 percent. The seller is a subsidiary of Kajima Corp of Japan.

IDI, which was founded in 1989, owns and operates 75 DCs totaling 27 million square feet of space in 12 states. It also has 49 million square feet of future development projects and third-party property management business.

After acquiring IDI, Brookfield will now be responsible for over 62 million square feet of operating assets and more than 79 million square feet of future development.

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