Brookfield Property Partners LP, the commercial real estate company that was spun off by its Canadian parent earlier this year, agreed to purchase U.S. industrial- property assets from Japan’s Kajima Corp. for $1.1 billion.

Brookfield Property will buy about 25 percent of Kajima’s Industrial Developments International Inc., with the balance owned by its institutional partners, the Hamilton, Bermuda-based company said today in a statement. The deal includes more than 27 million square feet (2.5 million square meters) of operating assets and 49 million square feet of future space.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.