Brookfield to sell European arm of IDI Gazeley
Brookfield Property Partners has put the European arm of its logistics firm IDI Gazeley up for sale, according to PropertyWeek.com. The sales price is estimated to be €1.5 billion ($1.7 billion).
IDI Gazeley has leased more than 1 million square feet of space to its customers in France since the beginning of the year. The spaces are located near major urban centers such as Lyon, Arras and Orléans. To date, IDI Gazeley’s French portfolio comprises 23 buildings, with an area of 5.4 million square feet, with an occupancy rate of 97 percent.
In May, IDI Gazeley announced construction of two industrial facilities totaling nearly 2 million square feet within Crossroads Distribution Center in Olive Branch, Miss., located in the greater Memphis logistics market. IDI Gazeley broke ground on Building I with an expected November delivery. The next facility, Building J, is slated to span nearly 1.1 million square feet and is scheduled to start construction in mid-2018. Crossroads is currently home to 11 buildings totaling more than 6 million square feet of logistics space. Building I will feature a Ductilcrete floor slab and paving, 36-foot clear heights, R-19 roof insulation and a white TPO roof. JLL will be the listing agent for Crossroads I. IDI Gazeley has more than 27 million square feet developed in the metro Memphis market.