Global real estate investor Brookfield Property Partners said on Wednesday it will acquire Industrial Developments International in Atlanta for $1.1 billion.
IDI, founded in 1989, is a major Atlanta industrial real estate owner, manager and developer. IDI owns 75 industrial distribution centers in 12 states, according to a news release, and its facilities serve major retailers and industrial companies across North America. It is currently owned by the U.S. subsidiary of Kajima Corp., a Japanese conglomerate.
Brookfield Property will own 25 percent of IDI, with the remainder held by its institutional investor partners, the company said.
Brookfield Property is perhaps better known as an owner of office buildings and retail assets, but it is growing in warehousing and distribution centers.
“The combined business will own irreplaceable assets and development sites near major markets and transport routes, with a 25-year track record of delivering superior service, and is now positioned for significant long term growth,” Ric Clark, Brookfield Property CEO, said in the release.
The deal is expected to close by the end of the year.