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Brookfield Property Agrees With Fund to Buy Warehouse Developer

Brookfield Property Partners LP and institutional partners through a fund managed by a Brookfield Asset Management Inc. affiliate agreed to buy a U.K. warehouse developer from Dubai World’s Economic Zones World unit.

Brookfield Property Partners, the commercial real estate company spun off from Brookfield Asset Management in April, will own 30 percent of EZW Gazeley Ltd., according to a statement today. Terms of the transaction weren’t disclosed. A person briefed on the situation said in April that the business was valued at about 300 million pounds ($465 million).

Brookfield has been trying to expand in industrial properties as global trade grows. EZW Gazeley, based in London, develops large-scale logistics warehouses and distribution centers in western Europe and China, according to the statement.

Brookfield Property’s spinoff from Toronto-based Brookfield Asset Management took effect April 15.

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