Brookfield Acquires Leading European Logistics Assets Company
Brookfield Acquires Leading European Logistics Assets Company
LONDON -- (Marketwired) -- 06/11/13 -- Brookfield Property Partners, L.P. (NYSE: BPY) (TSX: BPY.UN) and its institutional partners through a fund managed by an affiliate of Brookfield Asset Management, Inc. (NYSE: BAM) (TSX: BAM.A) today announced the acquisition of EZW Gazeley Limited ("Gazeley") from Economic Zones World ("EZW"), part of Dubai World. Brookfield Property Partners will own an approximate 30% interest in Gazeley.
Gazeley is a specialist developer of large scale logistics warehouses and distribution parks in key strategic locations across the UK, Western Europe and China. Over the past 25 years, Gazeley has completed approximately 7 million square meters (75 million square feet) of high quality, cost effective warehouses.
Gazeley's current portfolio includes 524,000 square meters (5.64 million square feet) of existing assets and a substantial land bank of 1.3 million square meters (14 million square feet) with a further 1.1 million square meters (11.84 million square feet) held under option agreements.
The acquisition of Gazeley provides Brookfield exposure to high quality assets, which offer potential growth and value enhancement. Brookfield will seek to build upon Gazeley's extensive European footprint while capitalizing on its experience and growing presence in the Middle East and China. Brookfield's capital base, property operating experience and global platform will transform Gazeley from a developer of logistics warehouses to a full-service logistics asset manager, allowing Gazeley to offer a wider range of services to its customers.
Hisham Abdullah Al Shirawi, Chairman of EZW, commented: "EZW is pleased to have completed this milestone transaction. Our relationship with Gazeley has been fruitful and we will continue to work together in areas of common interest."
Pat McGillycuddy, Chief Executive Officer of Gazeley, commented: "Gazeley has enjoyed a strong and successful relationship with EZW since its acquisition in 2008. Gazeley and its management team are excited about beginning a new chapter under Brookfield's ownership and believe that Brookfield will provide the support and expertise to transform Gazeley into a full service logistics asset manager."
Ric Clark, Chief Executive Officer of the Brookfield Property Group, said: "We are pleased to have completed the acquisition of Gazeley, a high quality business with a great track record, strong management team and global footprint. With Brookfield's financial resources we see great opportunities to grow the business both as an investor and a developer of logistics assets."
About Brookfield Property Partners
Brookfield Property Partners is a commercial real estate owner, operator and investor operating globally. Our diversified portfolio includes interests in over 300 office and retail properties encompassing approximately 250 million square feet. In addition, we have interests in approximately 19,800 multi-family units, 29 million square feet of industrial space and an 18 million square foot office development pipeline. Our goal is to be the leading global investor in best in class commercial property assets. For more information, please visit www.brookfieldpropertypartners.com
EZW is the global provider of sustainable industrial and logistics infrastructure solutions. It currently has presence in Asia, Africa, the Middle East and the US. The company is in the business of providing robust network of economic zones, technology, logistics and industrial parks as well as build-to-suit developments across the world with an objective to support the dynamic expansion of its rapidly growing international customer base. EZW's current portfolio in Dubai includes Jebel Ali Free Zone, TechnoPark and Dubai Auto Zone. EZW's multi sector zones in Dubai are spread over more than 70 square kilometres.
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Contact: North America Brookfield Property Partners Melissa Coley VP, Investor Relations and Communications (212) 417-7215 firstname.lastname@example.org
UK Smithfield Ged Brumby Director +44 (0) 20 7903 0674 email@example.com