Brookfield To Pay $1.1B For Industrial Property Owner IDI

Law360, New York (August 7, 2013, 1:57 PM EDT) -- Brookfield Property Partners LP — recently spun off from real estate investment giant Brookfield Asset Management Inc. to hold its property assets — has agreed to pay $1.1 billion to acquire Industrial Developments International Inc. from Japan's Kajima Corp., Brookfield Property said Wednesday.

Combining IDI with Brookfield Property's existing portfolio will create one of the largest industrial property companies in North America, the Bermuda-incorporated real estate firm said. IDI owns and operates 75 distribution facilities in 12 states, with a combined 27 million square feet of...
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