The parent company of an Atlanta-based industrial real estate giant is eyeing its sale in a deal that could reach $5B.
Brookfield Asset Management is interviewing banks on a possible sale of Atlanta-based IDI Logistics, one of the world's largest distribution center and warehouse owners and developers with more than 33M SF under management. IDI also owns enough land to develop an additional 20M SF, Bloomberg reports.
Talks of the potential sale come barely a year after Brookfield sold off its U.K. counterpart IDI Gazeley to Singapore's Global Logistics Properties Ltd. for $2.8B.
The potential sale comes at a time when industrial real estate has been on a tear, especially as retail rejiggers supply chains to reflect e-commerce initiatives and quick delivery promises. Other industrial mergers in recent months include Blackstone Group's move to buy Gramercy Property Trust and Prologis' proposed purchase of DCT Industrial Trust.
Brookfield purchased IDI Developments International in 2013 for $1.1B. IDI was founded in 1989 in Atlanta by the developer Greg Gregory, who retired from the firm in 2007. Officials with both IDI Logistics and Brookfield did not return calls seeking comment.
