Today's Top Story
March 15, 2012
BROOKFIELD, HILLWOOD CREATE JOINT VENTURE TO ACQUIRE $1B IN ASSETS

Perot Jr.

DALLAS — Brookfield Asset Management (NYSE: BAM) and Hillwood, a real estate investment and development company owned by Ross Perot Jr., have entered into a joint venture that anticipates a $1 billion deployment within the first 3 years.

“The partnership between Brookfield and Hillwood is not only the right fit, it’s happening at the right time,” said Perot, chairman of Dallas/Fort Worth-based Hillwood.

“Industrial development slowed during the downturn due to a lack to equity and debt,” Perot continued. “Given the liquidity and resources supporting our investment, our joint venture is well-positioned to benefit from renewed demand for industrial space, which will increase as the economy continues to show signs of improvement.”

Currently, the partnership has an equity commitment of $400 million to acquire, develop and manage industrial properties, primarily large warehouses, across the United States. Brookfield Asset Management is responsible for raising capital.

“As long-term, value-oriented real estate investors, we believe this is an excellent time to selectively build a portfolio of high-quality industrial properties, and we look forward to expanding our relationship with Hillwood,” said David Arthur, managing partner at New York City-based Brookfield Asset Management.

“This initiative expands the scope of our real estate platform in an exciting asset class, strengthening our global property operations in line with the expected launch later this year of our flagship property vehicle, Brookfield Property Partners.

Brookfield’s share price closed at $31.92 on March 14, up from $30.93 a year ago.

— Savannah Duncan

   

 

 

 
Next Story
LOWE TO BUILD 704,571 SF HEADQUARTERS FOR NATIONAL SCIENCE FOUNDATION
ALEXANDRIA, VA. — Lowe Enterprises will develop a new 704,571-square-foot headquarters building for the National Science Foundation (NSF) in the Washington, D.C. suburb of Alexandria. USAA Real Estate Co., which owns the two-acre site on which the headquarters will be built, pu...
-Full Story-

Recent Articles: 1 2 | 3 | 4 | 5
   
 
 
 
April 07, 2014
Suburban Chicago, IL: Multifamily
April 15, 2014
PARKWAY PROPERTIES ACQUIRES 356,000 SF ORLANDO CLASS A OFFICE BUILDING
April 14, 2014
SALESFORCE.COM LEASES HALF OF $1.1B OFFICE TOWER IN SAN FRANCISCO
April 11, 2014
PARKWAY BUYS COURVOISIER CENTRE OFFICE COMPLEX IN MIAMI FOR $146M
April 10, 2014
FIRST POTOMAC REALTY TRUST ACQUIRES HISTORIC D.C. BUILDING FOR $58M
April 09, 2014
DEVELOPERS ACQUIRE TIMES SQUARE SITE TO BUILD $300M HOTEL, RETAIL PROJECT
April 08, 2014
SELECT INCOME REIT BUYS CLASS A OFFICE BUILDING IN METRO CHICAGO FOR $187M
 
     
         


© COPYRIGHT 2009 FRANCE PUBLICATIONS, INC.