NEW YORK CITY—Brookfield said Wednesday it had rebranded its global logistics property platform as IDI Gazeley, combining the names of the industrial developers it acquired in separate deals that were finalized in 2013. The combined brand owns and operates 58 million square feet valued at $3.5 billion across North America, Europe and China.
Part of Brookfield Logistics Properties, IDI Gazeley will benefit from “scale, experience and the backing of a strong parent,” says Ric Clark, CEO of Brookfield Property Group. “We intend to grow the platform rapidly by leveraging global customer relationships, pursuing attractive opportunities in key markets and developing our premier land bank.” That land bank will enable the company to develop up to 68 million additional square feet of distribution facilities worldwide, including 17 million square feet due to come on line this year.
Jay Cornforth, hired last year as global head of industrial for Brookfield Property Group, calls the rebranding “a natural evolution of our emerging logistics business,” one that will create synergies between IDI and Gazeley. “This move will be particularly helpful to our customers around the world who will benefit from a greater choice of assets and locations globally, accessible through a single point of contact. Our collective platforms allow us to provide an improved service offering to our existing client base, which includes many of the world’s leading brands and most successful companies, as well as potential new clients who are looking for a truly global proposition tailored to their specific needs.”
Last June, Brookfield and institutional partners acquired the UK-based EZW Gazeley Ltd. from Economic Zones World, part of Dubai World. The purchase price was not disclosed; Gazeley had completed about 75 million square feet of warehouse properties in the 25 years prior to the purchase.
In August of last year, Brookfield announced its $1.1-billion acquisition of Atlanta-based Industrial Developments International Inc. from the US subsidiary of Kajima Corp. It added some 27 million square feet to Brookfield’s North American industrial presence, which had been given considerable scale already with its 2012 purchase of a majority stake in Verde Realty.