HOUSTON-Brookfield Asset Management has closed on the $886-million acquisition of Verde Realty. This means that an investment vehicle controlled by the asset manager will be responsible for approximately 81% of the common equity in Verde. The remainder will be controlled by present Verde shareholders.
"Verde is a scalable, cornerstone investment in the industrial property sector that positions Brookfield to expand its real estate platform into the logistics arena to capitalize on the evolving global supply chain," said David Arthur, managing partner at Brookfield Asset Management, in a company statement.
Currently, Verde owns 111 industrial properties that span 18 million square feet of space. These properties lie in major US distribution markets and gateway trade markets along the Mexican border.
Brookfield will be further positioned for growth as an owner, operator and developer of industrial propertiesin the US with the completion of this transaction. "We look forward to building on our reputation for delivering well-located, high-quality distribution facilities for our clients and executing our growth strategy that includes acquisitions and property development," said Verde CEO Ronald Blankenship.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
