(RTTNews) – Brookfield Asset Management (BMA) Wednesday announced that it has partnered with real estate investor, Hillwood to create a new joint venture to acquire, develop and manage industrial property, principally large warehouses, across the United States.
Both the Brookfield Asset Management and Hillwood have agreed to invest $400 million each for the proposed joint venture.
It has been projected that the joint venture would deploy up to $1 billion within the first three years. It would be the responsibility of Hillwood to locate industrial property investments with potential for value creation.
David Arthur, Managing Partner at Brookfield Asset Management, commented: “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.”