ATLANTA-Industrial Developments International and Verde Realty have completed their previously announced merger in a transaction worth $1.1 billion. The combined company will operate under the IDI name and will remain headquartered in Atlanta, with IDI's president and CEO, Timothy J. Gunter, retaining both titles.

The deal creates one of the largest industrial and logistics owner/developers in North America, with a $2-billion-plus portfolio comprising 45 million square feet spread across 179 properties, along with 53 million square feet of future development projects. Both IDI and Houston-based Verde, a majority-owned holding of Brookfield Property Partners, have a strong presence in all regions of the US aside from the Northeast.

“By combining our operations with Verde, IDI is positioned to build upon and strengthen the brand we have built over the past 24 years,” says Gunter. “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.”

IDI plans to continue its growth development of inventory buildings “while still serving build-to-suit clients,” Gunter adds. “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 BPY, headquartered in Hamilton, Bermuda, was acquiring IDI from the US subsidiary of Kajima Corp. BPY bought about 25% of IDI, which was founded in 1989; its partners acquired the balance of the company.