Brookfield Asset Management Inc. announced that it had closed the acquisition of a majority ownership position in Verde Realty, a Maryland real estate investment trust, for $886 million. This means that an investment vehicle controlled by the asset manager will be responsible for approximately 81% of the common equity in Verde, with the remainder controlled by present Verde shareholders, according to a GlobeSt.com article.
"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," commented Ronald Blankenship, Chief Executive Officer of Verde Realty.
"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. Verde owns 111 industrial distribution facilities comprised of 18 million square feet of space in major U.S. distribution markets and gateway trade markets along the U.S. and Mexican border, as well as over 20,000 acres of land intended for future sale and development. Under new ownership, the company plans to expand its holdings and seek consolidation opportunities in the fragmented industrial real estate sector.
For more news and information visit Blumberg Capital Partners.
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