The Wall Street Journal
Brookfield Property Partners L.P. has agreed to acquire Industrial Developments International Inc. (IDI) from the U.S. unit of Kajima Corp. for $1.1 billion, expanding the commercial real estate owner’s property portfolio.
Industrial Developments owns and operates 75 industrial distribution facilities totaling 27 million square feet in 12 states. It also has 49 million square feet of future development projects.
Brookfield will own a roughly 25% interest in IDI after the deal, with Brookfield’s institutional partners owning the remaining stake.
Through the acquisition, Brookfield will now own over 62 million square feet of operating assets and 79 million square feet of future development potential in North America, Europe, the Middle East and China.