Brookfield Property To Buy IDI From Kajima Corp. For $1.1 Bln

(RTTNews) - Brookfield Property Partners L.P.(BPY_UN.TO, BPY), a commercial real estate owner, operator and investor, Wednesday said it agreed to buy Industrial Developments International Inc or IDI from the U.S. subsidiary of Kajima Corporation for $1.1 billion. Brookfield Property Partners will own about 25 percent interest in IDI while the rest would be owned by Brookfield's institutional partners. The deal is expected to conclude in the fourth quarter of 2013.

Post the acquisition of IDI, Brookfield's industrial portfolio will have over 62 million square feet of operating assets and more than 79 million square feet of future development potential with operations in North America, Europe, the Middle East and China.

Timothy Gunter, President and Chief Executive Officer of IDI said, "With Brookfield's backing, we have an exciting opportunity ahead of us to strengthen IDI's presence in the current markets we serve and potentially in uncharted territory."