IDI, one of the largest privately-held real estate property companies in North America focused on industrial properties, announced this week that it had successfully merged with Verde Realty in a transaction worth $1.1 billion. Verde Realty, an existing majority-owned real estate holding of Brookfield Property Partners, will fold into and operate under the IDI name, which will remain headquartered in Atlanta, Georgia. The new IDI has assets valued at more than $2 billion, with a portfolio of nearly 180 buildings with 45 million in square footage.
"By combining our operations with Verde, IDI is positioned to build upon and strengthen the brand we have built over the past 24 years," said Tim Gunter, president and CEO of IDI. "Our collective goal for the 'new IDI' is to develop the highest quality North American industrial platform while remaining true to our mission – to build real long-term value for our clients, team members, communities and industry by striving for superior quality in all we do." He added, "We will continue to grow the company through development of inventory buildings while still serving build-to-suit clients. By combining our assets and expertise, our footprint becomes broader, our asset base and balance sheet stronger, and we are better able to pursue acquisition of product."
GlobeSt.com reported in August that Brookfield Property Partners, headquartered in Hamilton, Bermuda, was acquiring IDI from the US subsidiary of Kajima Corp. Brookfield Property Partners bought about 25% of IDI, which was founded in 1989; its partners acquired the balance of the company.
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