Brookfield Property to Buy IDI from U.S. Subsidiary of Kajima for $1.1B

Brookfield Property Partners LP (NYSE: BPY, TSX: BPY.UN), the recently spun-out commercial real estate platform of Toronto-based Brookfield Asset Management, has agreed to purchase U.S. industrial property owner and operator Industrial Developments International Inc. (IDI) for US$1.1 billion. The seller is the U.S. subsidiary of Japan's Kajima Corp. BPY will own a 25% interest in IDI with the balance taken by partners. In June, the firm acquired U.K.-based EZW Gazeley Ltd., a developer of logistics warehouses and distribution parks.

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