* Deal valued at $1.1 bln
* Brookfield Partners to hold 25 pct in IDI
Aug 7 Canada's Brookfield Property Partners LP
said it will buy a privately held U.S. real
estate company from Japan's Kajima Corp in a $1.1
billion deal that will increase its industrial real estate
The deal, Brookfield Property Partners' second in less than
two months, will increase the size of its industrial real estate
portfolio to over 62 million square feet (5.6 million square
metre) of operating assets.
Brookfield Property Partners said on Wednesday that it would
own about 25 percent of Industrial Developments International
Inc, with the rest owned by Brookfield's institutional
Brookfield Property bought British logistics warehouse
developer Gazeley from Dubai World subsidiary Economic Zones
World for an undisclosed sum in June.
Brookfield Asset Management spun off subsidiary
Brookfield Property Partners in April. The new unit holds
substantially all of the commercial property assets previously
held by Brookfield Asset.
Atlanta-based IDI owns and operates 75 warehouses totaling
27 million square feet in North America. It also has 49 million
square feet of future development projects.
Brookfield expects the deal, which will add more than 79
million square feet of future development potential, to complete
in fourth quarter of 2013.