HOUSTON – Verde Realty, a Houston-based REIT, will be purchased by Brookfield Asset Management and Hillwood Investment Properties for $366 million.
Verde Realty owns 78 industrial properties in Texas, California, suburban Chicago, Maryland, Utah and northern Mexico.
“This merger transaction with Brookfield ensures that Verde is well-positioned to benefit from renewed demand for industrial space which will increase as the economy continues to show signs of improvement,” commented Ronald Blankenship, Chairman and Chief Executive Officer of Verde.
Verde Realty sold off a number of apartment projects last year, but it retained a sizable industrial/warehouse portfolio. Verde was previously headquartered in El Paso before moving into the Harold Farb-developed San Felipe Plaza office tower in the Galleria-area of Houston.
Dallas-based Hillwood, which is controlled by Ross Perot Jr., and Canada-based Brookfield had announced earlier this year that they would join forces to make $1 billion in industrial real estate investments.