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
About EZW
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.
Forward-Looking Statements
This news release contains "forward-looking information" within
the meaning of Canadian provincial securities laws and applicable
regulations and "forward-looking statements" within the meaning of
"safe harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, include statements regarding our
operations, business, financial condition, expected financial
results, performance, prospects, opportunities, priorities,
targets, goals, ongoing objectives, strategies and outlook, as well
as the outlook for North American and international economies for
the current fiscal year and subsequent periods, and include words
such as "expects", "anticipates", "plans", "believes", "estimates",
"seeks", "intends", "targets", "projects", "forecasts", "likely",
or negative versions thereof and other similar expressions, or
future or conditional verbs such as "may", "will", "should",
"would" and "could".
Although we believe that our anticipated future results,
performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause our actual results, performance or achievements to differ
materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information.
Factors that could cause actual results to differ materially
from those contemplated or implied by forward-looking statements
include, but are not limited to: risks incidental to the ownership
and operation of real estate properties including local real estate
conditions; the impact or unanticipated impact of general economic,
political and market factors in the countries in which we do
business; the ability to enter into new leases or renew leases on
favourable terms; business competition; dependence on tenants'
financial condition; the use of debt to finance our business; the
behavior of financial markets, including fluctuations in interest
and foreign exchanges rates; uncertainties of real estate
development or redevelopment; global equity and capital markets and
the availability of equity and debt financing and refinancing
within these markets; risks relating to our insurance coverage; the
possible impact of international conflicts and other developments
including terrorist acts; potential environmental liabilities;
changes in tax laws and other tax related risks; dependence on
management personnel; illiquidity of investments; the ability to
complete and effectively integrate acquisitions into existing
operations and the ability to attain expected benefits therefrom;
operational and reputational risks; catastrophic events, such as
earthquakes and hurricanes; and other risks and factors detailed
from time to time in our documents filed with the securities
regulators in Canada and the United States.
We caution that the foregoing list of important factors that may
affect future results is not exhaustive. When relying on our
forward-looking statements or information, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Except as required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
that may be as a result of new information, future events or
otherwise.
Contact: North America Brookfield Property Partners
Melissa Coley VP, Investor Relations and Communications (212)
417-7215 Email Contact UK Smithfield Ged Brumby Director +44 (0) 20
7903 0674 Email Contact
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