DALLAS — Brookfield Asset Management and Hillwood, a Dallas/Fort Worth-based real estate investor and developer owned by Ross Perot, Jr., announced today a joint venture to acquire, develop and manage industrial property, principally large warehouses, across the United States. With an equity commitment of $400 million, the partnership is expected to deploy up to $1 billion within the first three years. Hillwood will locate industrial property investments with potential for value creation.
The partnership represents one of the most significant commitments to U.S. industrial real estate since the economic downturn that began in 2008.
“The partnership between Brookfield and Hillwood is not only the right fit, it’s happening at the right time,” said Ross Perot, Jr., Chairman, Hillwood. “Industrial development slowed during the downturn due to a lack of equity and debt. Given the liquidity and resources supporting our investment, our joint venture is well-positioned to benefit from renewed demand for industrial space which will increase as the economy continues to show signs of improvement.”
Hillwood, a Perot company, is ranked as one of the top commercial real estate investors and developers in the country and the top residential developer in Dallas-Fort Worth. The company’s developments currently house facilities for 58 companies listed on the Fortune 500, Global 500 or Forbes List of Top Private firms. Hillwood is best known for its Alliance brand that includes the 17,000-acre AllianceTexas, 4,474-acre AllianceFlorida at Cecil Commerce Center, and 2,000-acre AllianceCalifornia.
Brookfield Asset Management is a global alternative asset manager focused on property, renewable power, infrastructure and private equity, with $150 billion of assets under management, which includes over US$83 billion of property assets under management in North and South America, Europe and Australia. In addition, the company provides clients with an extensive array of real estate advisory,property and investment services. Brookfield is publicly listed on the NYSE and other exchanges.