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| File photo and not part of IDI's industrial portfolio described below |
Atlanta, GA, Oct. 2,
2013 – IDI, a leading full-service industrial real estate company, announced
today it has merged with Verde Realty. The entity, which will operate
under the IDI name, has combined assets valued at more than $2 billion.
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| Timothy J. Gunter |
The company will have offices in 11 cities in the U.S. and
Mexico, and headquarters will remain in Atlanta with Timothy J. Gunter
retaining the title of president and CEO.
The deal doubles the
number of buildings in IDI’s portfolio to a total of 179, while increasing
total square-footage to 45 million. Additionally, IDI now has landholdings
available for 53 million square feet of buildable space.
Verde Realty is an
existing majority-owned real estate holding of Brookfield Property Partners,
L.P. (NYSE: BPY, TSX: BPY.UN) and its institutional partners.
The $1.1 billion transaction positions IDI as one of the
largest industrial property companies and makes Brookfield’s portfolio of
industrial real estate holdings among the largest in North America.
“By combining our
operations with Verde, IDI is positioned to build upon and strengthen the brand
we have built over the past 24 years,” said Tim Gunter, president and
CEO of IDI.
“Our collective goal for the ‘new IDI’ is to develop the
highest quality North American industrial platform while remaining true to our
mission – to build real long-term value for our clients, team members,
communities and industry by striving for superior quality in all we do.”
He added, “We will continue to grow the company through
development of inventory buildings while still serving build-to-suit clients.
"By combining our assets and expertise, our footprint becomes broader, our asset
base and balance sheet stronger, and we are better able to pursue acquisition
of product.”
For a complete copy of the company’s news release, please
contact:
Rita Skaggs
IDI
404-479-4109
Matt Scofield
Jackson Spalding for IDI
404-214-3554
.
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