The west looking view from the 50th floor of the new Bay-Adelaide Centre as unveiled by Brookfield properties September 16, 2009. On Wednesday, a group led by Brookfield Property Partners said it was buying a U.S. distribution network from its Japanese owner.J.P. MOCZULSKI/The Globe and Mail
Brookfield Property Partners L.P. 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.