Brookfield Property Partners has put the European arm of its logistics firm IDI Gazeley up for sale for a price thought to be close to £1.5bn.
IDI Gazeley recently speculatively embarked on the UK’s biggest shed construction since the 2008 financial crash at it’s Magna Park scheme in Milton Keynes
The asset manager has appointed investment bank Morgan Stanley as well as CBRE to handle the sale of the business.
The sale of IDI Gazeley, which has a strong development focus, has been mooted for more than a year and is likely to interest many Asian buyers.
Its European portfolio is mainly focused in the UK, Germany and France and totals 13.2m sq ft of stock and 623-acres of developable landbank.
Brookfield bought the UK-based Gazeley in 2013 for $370m and a year later merged it with the US-based Industrial Development International (IDI).
The business sits in Brookfield’s first global real estate opportunity fund, the $4.4bn Brookfield Strategic Real Estate Partners.
Brookfield declined to comment.
Source: Property Week