February 5, 2013
DALLAS — Hillwood Investment Properties, a Perot company, was named Industrial Developer of the Year by NAIOP, the Commercial Real Estate Development Association, Inland Empire Chapter.
“We are honored to receive this award from NAIOP,” said John Magness, senior vice president for Hillwood. “Our development efforts in the Inland Empire began more than a decade ago, and we have been fortunate to partner with many local cities and organizations to build successful projects in the region.” Hillwood Investment Properties is the developer of AllianceCalifornia, a 2,000-acre trade and logistics center located at the former Norton Air Force Base in San Bernardino, CA. Since its establishment in 2002, AllianceCalifornia has brought more than 8,000 jobs back to the community. The award was presented to Hillwood at the NAIOP chapter’s second annual REXIE Awards meeting on Jan. 22. NAIOP Inland Empire is a regional chapter of the national commercial real estate development association that encompasses both Riverside and San Bernardino counties. About Hillwood
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. Hillwood’s developments currently house facilities for more than 60 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. For additional information, please visit www.hillwoodinvestmentproperties.com. ###
Online shopping leader Amazon.com said today it will open three fulfillment centers in Texas that will employ more than 1,000 people.
The sites are in Coppell, Haslet and near San Antonio in Schertz. USAA Real Estate Company is building the project in Schertz. Hillwood Development Co. is building the project in Haslet as part of AllianceTexas, a 17,000-acre, master-planned community, and in Coppell. Amazon didn’t say when the centers will open. The 1.2 million-square-foot site in San Antonio suburb Schertz and the 1 million-square-foot site in Coppell will handle larger items like televisions. The 1.1 million-square-foot site in Haslet will handle smaller items like books, small electronics or DVDs. Comments from the press release: “This is the biggest economic development partnership announcement in the history of our city,” said city of Haslet Mayor Bob Golden. “The jobs and potential tax base that this development will bring to our community is a major milestone in our city’s growth.” “Amazon, coming to Coppell, complements our strategy of building a quality business base that supports the community and the region,” said Coppell Mayor Karen Hunt. “We are thrilled Amazon chose Coppell for a new fulfillment center. We recognize their large capital investment and new jobs brought to this area.” “We are thrilled to formally and officially welcome Amazon to Schertz,” said city of Schertz Mayor Michael Carpenter. “The investment Amazon is making in our community is significant, and it is a manifest expression by yet another highly successful and well-respected company that Schertz is a great place to do business.” “We look forward to putting more than 1,000 Texans to work at our new fulfillment centers in Schertz, Coppell and Haslet,” said Mike Roth, Amazon’s vice president of North American fulfillment. “We appreciate the state and local elected officials who have helped us make this exciting investment in the state of Texas.” “We’re pleased Amazon is investing in Texas by bringing three fulfillment centers and more than 1,000 jobs to our state,” said Texas Comptroller Susan Combs. “I thank Amazon for working with us—making it possible to bring new jobs and revenue to the state of Texas.”
Chicago-based Bridge Development Partners LLC has closed on five Chicago area transactions in a venture with Dallas-based Hillwood Development Co. The joint venture is comprised of Bridge’s five latest industrial real estate projects totaling nearly 900,000 square feet and valued at $80 million, including:
?600 Corporate Woods Dr., Vernon Hills, a 103,000-square-foot industrial building;
?4350 Pinehurst Blvd., Addison, an industrial property totaling 85,800 square feet;
?2727 E. Higgins Road, Elk Grove Village, a vacant, 184,406-square-foot industrial facility that Bridge plans to redevelop into a state-of-the-art air cargo building;
?2201 Lunt Ave., Elk Grove Village, a 212,200-square-foot industrial facility also scheduled for redevelopment into a speculative air cargo building in 2013; and
?8424 W. 47th St. in Lyons, a 312,000-square-foot cold storage facility. “Our joint venture partnership with Hillwood provides another capital source for our infill development strategy in Chicago and South Florida,” said Steve Poulos, principal and co-founder of Bridge Development Partners. “We are excited about this relationship and look forward to completing many more transactions — between $150 million and $200 million per year — with Hillwood.”
Dallas-based Hillwood Investment Properties, in a partnership with Toronto-based Brookfield Asset Management Inc. and the Hillwood-Brookfield Industrial Partners fund, acquired the 556,000-square-foot Airways Distribution Center Building D in the DeSoto County submarket.
The Class A facility, located at 228 Access Drive in Southaven, is 100 percent leased by Kimberly-Clark Corp.
“The addition of Airways Distribution Center complements our other investments in the Memphis market and adds another great customer, Kimberly-Clark, to our portfolio,” Toby Rogers, Hillwood’s market officer for the Memphis market, said in a statement.
The purchase comes after Hillwood and Brookfield Asset Management bought five Class A buildings in Southpark Distribution Center for $37.3 million in July from TIAA Realty Inc.
That deal came on the heels of the Hillwood’s acquisition of Pilot Distribution Center warehouse for $7.5 million, as well as its $13.5 million purchase of the former Mazda North America Inc. distribution center in Olive Branch earlier in 2012.
The December purchase of Airways Distribution Center Building D was one of eight industrial properties the Hillwood/Brookefield Partnership acquired during the month totaling 2.6 million square feet. The transactions increased the portfolio’s size to 9.7 million square feet across markets in Atlanta; Baltimore; Chicago; Memphis; Indianapolis; Inland Empire, Calif; Orlando; and Philadelphia/South New Jersey.
Memphis is among five U.S. industrial markets where Class A industrial properties totaling 2.6 million square feet have been acquired by Hillwood Investment Properties, a Perot company.
Hillwood made the deal in a partnership with Brookfield Asset Management and the Hillwood-Brookfield Industrial Partners fund.
The Memphis-area purchase was the 556,000-square-foot Airways Distribution Center, Building 2, in Southaven. The other purchases were in Chicago, Indianapolis, Atlanta, and Orlando.
The transactions increased the portfolio’s size to 9.7 million square feet located in eight industrial markets.
Hillwood Investment Properties has purchased a Memphis-area industrial building as part of a 2.6 million-square-foot portfolio purchase in five U.S. markets.
The Dallas-based company bought a 556,000-square-foot building in Airways Distribution Center, located in Southaven, Miss.
Kimberly-Clark Corp. (NYSE: KMB) recently leased the facility, where it will locate a new distribution operation and hire more than 100 workers.
Hillwood also purchased property in Chicago, Indianapolis, Atlanta and Orlando, Fla., as part of the larger portfolio purchase.
This latest buy is part of a Hillwood partnership with Brookfield Asset Management. The two entities together have now purchased 9.7 million square feet in eight markets, including Memphis. The joint venture has an initial equity commitment of $400 million, but the goal is to invest up to $1 billion in industrial properties over the next three years.
Memphis is part of Hillwood’s national investment strategy of acquiring existing industrial property in key markets, as detailed by MBJ in a July 2012 print edition story. The company bought more than 2.8 million square feet of Memphis-area industrial property last year.
Hillwood owner Ross Perot Jr. told MBJ that the joint venture between his company and Brookfield “is well-positioned to benefit from renewed demand for industrial space which will increase as the economy continues to show signs of improvement.”
But acquisition isn’t Hillwood’s only interest in the local market.
Hillwood has developed 4.1 million square feet of industrial space in the DeSoto County and has enough land to build another 7 million square feet.
For Immediate Release
January 24, 2013
Dallas, TX – Hillwood Investment Properties, a Perot company, in a partnership with Brookfield Asset Management and the Hillwood-Brookfield Industrial Partners fund, announces the acquisition of eight Class A industrial properties totaling 2.6 million square feet located in five major U.S. industrial markets.
The transactions increased the portfolio’s size to 9.7 million square feet located in eight industrial markets - Atlanta, GA; Baltimore, MD; Chicago, IL; Memphis, TN; Indianapolis, IN; Inland Empire, CA, Orlando, FL; and Philadelphia/South New Jersey.
“We continue to increase our industrial portfolio with selective acquisitions in our targeted industrial markets,” said Tom Fishman, Hillwood’s Executive Vice President of Acquisitions. “We closed out 2012 with incredible success and will continue seeking strategic investment opportunities in 2013.”
December acquisitions included:
• Chicago: three buildings totaling 750,000 square feet located in the Fox Valley, O’Hare, and I-55 submarkets. This includes a joint venture with Bridge Development Partners.
• Indianapolis: one building totaling 668,000 square feet in the Far South Counties submarket
• Memphis: one building totaling 556,000 square feet located in the Desoto County submarket
• Atlanta: one building totaling 403,000 square feet located in the Airport/South submarket
• Orlando: two buildings totaling 256,000 located in the Southwest Orange submarket
"We are enthusiastic about expanding our presence in these markets,” said Dan Tatsch, Hillwood’s Market Officer for the Atlanta/Orlando/Chicago/Indianapolis markets. “With the addition of these properties, we have increased our investments while simultaneously providing prime locations for our current and prospective tenants.”
“The addition of Airways Distribution Center complements our other investments in the Memphis market and adds another great customer, Kimberly-Clark, to our portfolio," said Toby Rogers, Hillwood’s Market Officer for the Memphis market.
About Hillwood 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. 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. For additional information, please visit www.hillwoodinvestmentproperties.com.
About Brookfield Asset Management Brookfield Asset Management is a global alternative asset manager focused on property, renewable power, infrastructure and private equity, with over US $150 billion of assets under management, which includes approximately US $88 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, TSX and Euronext Amsterdam under the symbol BAM, BAM.A and BAMA, respectively. For additional information on the company, please visit http://www.brookfield.com. ###
San Bernardino, CA – Hillwood, a Perot company, celebrated the 10-year anniversary of its AllianceCalifornia development at a reception with its partners yesterday. AllianceCalifornia was established in 2002 through a public/private partnership between Hillwood and the Inland Valley Development Agency to redevelop the former Norton Air Force Base.
“Hillwood is fortunate to partner with the Inland Valley Development Agency and many others that have helped make the AllianceCalifornia project successful,” said Ross Perot, Jr., Hillwood’s Chairman. “Through these collaborative efforts, AllianceCalifornia has brought back thousands of jobs to the community, increased the tax base and become home to over a dozen major companies.”
Since being named master developer in 2002, more than 10.6 million square feet of new industrial building construction has been completed at AllianceCalifornia.
“We are excited to join our partners and the surrounding community to celebrate a decade of growth at AllianceCalifornia,” said John Magness, Hillwood’s Senior Vice President. “Hillwood is proud to have contributed to one of the most successful examples of base reuse and public/private partnerships in the nation. We look forward to its continued success as one of the premier industrial parks in Southern California.”
In recognition of the anniversary, Hillwood presented a $10,000 donation to the Loma Linda University Children’s Hospital Foundation. The foundation was created in 1994 to support the Children’s Hospital in meeting the current and future medical care needs of children residing in the San Bernardino, Riverside, Inyo and Mono counties, which comprise one of the fastest growing areas in the U.S.
Special guests in attendance at the event included Mayor Patrick J. Morris, City of San Bernardino; Josie Gonzales, San Bernardino County Supervisor for the Fifth District; Dr. Richard Hart, President and CEO, Loma Linda University Medical Center and Children’s Hospital and Zareh Sarrafian, COO, Loma Linda University Children’s Hospital.
“AllianceCalifornia has brought more than 8,000 jobs back to the community, which has made a great economic impact over the last decade,” said Mayor Patrick J. Morris, City of San Bernardino. “We look forward to maintaining this strong partnership with Hillwood for many years to come.”
“This is an important milestone to celebrate for AllianceCalifornia,” said Supervisor Josie Gonzales of San Bernardino County. “The Inland Valley Development Agency and Hillwood have a shared commitment to bring more jobs back to the area, and we appreciate the support of the community.”
About Hillwood Hillwood, a Perot company, is ranked as one of the top commercial real estate investors and developers in the country. Hillwood Investment Properties is actively involved in industrial and office development, acquisitions, construction, leasing and property management throughout the United States. Hillwood’s developments currently house facilities for more than 60 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. For additional information about the company, please visit http://www.hillwood.com/.
###
Dallas, TX – Hillwood Investment Properties, a Perot company, together with Brookfield Asset Management, has acquired two Class A industrial facilities totaling 1.8 million square feet in the Baltimore, MD market. Built in 2005, the 756,690-square-foot facility at 451 Fletchwood Road, Elkton, MD is located on 71 acres in Broadlands Business Park. The facility at 238 Belvidere Road in Perryville, MD, was developed in 2003 and totals 1,004,000 square feet on 71 acres. Both facilities have been built, managed and maintained to meet the highest institutional standards. The well-designed, concrete tilt-up buildings feature 28' to 30' clear heights, ample dock high loading doors, large truck courts with abundant trailer storage and future cross dock functionality. The Belvidere Road facility in Perryville has active rail access that is served by CSX Railway. “Given the Class A nature of the buildings and high credit quality of the tenants, these properties are a great addition to the Hillwood-Brookfield portfolio,” said Tom Fishman, Hillwood’s Executive Vice President of Acquisitions. The properties are strategically located within Baltimore’s I-95 North corridor industrial submarket, which consists of Hartford and Cecil counties. The location offers convenient access to I-95, the primary highway serving the U.S. Northeast population center that links to one-third of the U.S. population within a one-day truck drive. The area benefits from a deep labor pool, growing population and desirable quality of life of the Baltimore/Washington metro area. “We are pleased to add these state-of-the-art properties to our expanding presence in the U.S. Northeast industrial sector,” said Gary Frederick, Hillwood’s Senior Vice President and Northeast Market Officer. About Hillwood 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. Hillwood’s developments currently house facilities for 60 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. For additional information, please visit www.hillwoodinvestmentproperties.com.
About Brookfield Asset Management Brookfield Asset Management is a global alternative asset manager focused on property, renewable power, infrastructure and private equity, with over US$150 billion of assets under management, which includes approximately US $88billion 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, TSX and Euronext Amsterdam under the symbol BAM, BAM.A and BAMA, respectively. For additional information on the company, please visit http://www.brookfield.com.
Son on father's endorsement of Mitt Romney
http://video.foxnews.com/v/1925040629001/ross-perot-jr-we-have-to-grow-out-this-debt-crisis/?playlist_id=903226511001
The Perot Group Chairman Ross Perot, Jr. on the positive signs for the housing market and economy and their impact on the election.
http://video.foxbusiness.com/v/1907747932001/will-housing-recovery-help-boost-economy/?playlist_id=937116503001
August 28, 2012
Dallas, TX – Hillwood Investment Properties, a Perot company, in a partnership with Brookfield Asset Management, the Hillwood-Brookfield Industrial Partners fund, has acquired a 1,004,400 square-foot, Class A bulk distribution building located in the northeast submarket of Atlanta, GA. “We are pleased to add this exceptional, state of the art property to our national portfolio of quality assets,” said Tom Fishman, Hillwood’s Executive Vice President of Acquisitions. Jackson 85 was developed in 2008 with modern design specifications including 32’ minimum clear height, tilt-up concrete construction, dedicated trailer storage and ESFR fire protection. Located at 350 Raco Parkway, the property lies within Atlanta’s premier industrial submarket, I-85 Northeast. Jackson 85 is less than one mile from I-85, the primary distribution artery from Atlanta to the Northeast United States.
Hillwood and Brookfield are planning a number of improvements to the building, including 2,500 square feet of office space, high velocity fans and T-5 warehouse lighting with motion sensors. Improvements are scheduled to be completed in the fall. The property is currently 52% leased, providing 486,000 square feet available immediately for lease.
"We are enthusiastic about expanding our platform in northeast Atlanta," said Dan Tatsch, Hillwood’s Market Officer for Atlanta. “With the addition of Jackson 85, we can now accommodate users ranging from 500,000 square feet at Jackson 85 Distribution Center II to 1,000,000 square feet at Commerce 85 Distribution Center in nearby Commerce, Georgia.”
About Hillwood 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. Hillwood’s developments currently house facilities for 60 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. For additional information, please visit www.hillwoodinvestmentproperties.com.
Dallas, TX – Hillwood Investment Properties, a Perot company, in a partnership with Brookfield Asset Management, has acquired a 600,000-square-foot Class A bulk distribution building located in the Southern New Jersey submarket of the Greater Philadelphia industrial market. “Hillwood is proud to partner with Brookfield in the acquisition of another Class A warehouse facility,” said Tom Fishman, Hillwood’s Executive Vice President of Acquisitions. “We are eager to increase our presence in the New Jersey and Pennsylvania industrial markets. The property was developed in 1991 and provides cross-dock loading with a depth of 460’, 25’ ceiling heights, ESFR sprinkler system and 42’ x 42’ column spacing with 60’ speed bays, spacious truck courts of 122’ to 185’, 91 trailer stalls, full circulation and the potential for future rail access. With the additional land, 200 Birch Creek features an efficient and flexible warehouse design that can be expanded to accommodate users as large as 770,000 square feet or can be subdivided for a broad range of space requirements.
Located in Pureland Industrial Park, 200 Birch Creek is less than two miles from Exit 10 of I-295, Southern New Jersey’s primary north/south highway. 200 Birch Creek benefits from extraordinary access to the entire Northeast US Distribution Corridor serving New York, Northern New Jersey, Philadelphia, Delaware, Baltimore, and Washington DC metro areas. The Exit 10 location offers an extensive amenity base in the immediate vicinity of the Property including hotels, restaurants, and retail.
"The shortage of large blocks of available space in the combined Southern New Jersey, Pennsylvania, Delaware and Maryland industrial market uniquely positions 200 Birch Creek in the region," said Gary Frederick, Hillwood Market Officer.
About Brookfield Asset Management Brookfield Asset Management is a global alternative asset manager focused on property, renewable power, infrastructure and private equity, with over US$150 billion of assets under management, which includes approximately US $88 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, TSX and Euronext Amsterdam under the symbol BAM, BAM.A and BAMA, respectively. For additional information on the company, please visit http://www.brookfield.com.
Dallas, TX – Hillwood Investment Properties, a Perot company, in a joint venture with Brookfield Asset Management, has acquired a 1.6 million square foot portfolio consisting of five Class A industrial buildings located within Southpark Distribution Center in Memphis, TN. "The high-quality industrial portfolio at Southpark features buildings ranging from 111,250 to 474,000 square feet and suite sizes ranging from 10,000 to 474,000 square feet, which will accommodate a diverse mix of national, regional and local tenants," said Tom Fishman, executive vice president of acquisitions at Hillwood. Southpark Distribution Center was developed from 1992 to 1995 by Industrial Developments International (IDI) and represents a master planned industrial business park. It offers excellent access and front door exposure to the Burlington Northern Santa Fe (BNSF) Intermodal Facility located immediately due east of the site. Bordered by the busiest industrial thoroughfare in the Memphis Metropolitan Statistical Area, US 78 and Shelby Drive, the park benefits from multiple points of access. Southpark is fully built out with approximately 3.4 million square feet of institutionally owned industrial product and provides a highly attractive environment and ideal distribution location. “We are pleased to acquire these facilities at Southpark Distribution Center and expand our presence in the Memphis market,” said Toby Rogers, senior vice president at Hillwood Investment Properties. “Memphis is one of the nation’s greatest transportation hubs, and we are excited about this acquisition as well as the other 1.2 million square feet we have acquired in the Southeast industrial market this year.”
About Brookfield Asset Management Brookfield Asset Management is a global alternative asset manager focused on property, renewable power, infrastructure and private equity, with approximately US$150 billion of assets under management, which includes approximately US$80 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, TSX and Euronext Amsterdam under the symbol BAM, BAM.A and BAMA, respectively. For additional information on the company, please visit http://www.brookfield.com.
Houston, Texas -- July 26, 2012: Brookfield Asset Management Inc.’s Brookfield Property Group (“Brookfield”), Hillwood Development Company, LLC (“Hillwood”) and Verde Realty (“Verde”), a Houston-based REIT that acquires, develops, owns and manages industrial distribution facilities, today announced Verde and a fund sponsored by Brookfield (“the Fund”) have entered into a definitive merger agreement for a transaction that will provide Verde shareholders with a price of $12.85 per share and a total equity transaction value of up to $366 million.
In conjunction with the signing of the merger agreement, the Fund and certain shareholders of Verde, comprising approximately 19% of the outstanding shares, have entered into definitive voting agreements whereby such shareholders have agreed to vote in favor of the merger and against any alternative transactions.
At closing, a subsidiary of the Fund will merge into Verde Realty, with Verde as the surviving entity. Hillwood will be an investor in Verde.
All existing shareholders will be entitled to receive cash in the merger. Shareholders who are accredited investors will also have a right to elect to receive common shares of the surviving company in lieu of cash, provided that they also sign a shareholders’ agreement (such rollover right to be reduced pro-rata to meet a requirement that the Fund will acquire at least 55% of Verde on a fully diluted basis). Concurrently with, and subject to the closing of the merger, Verde will also offer to purchase any and all outstanding common partnership units and convertible preferred units for $12.85 per unit and to purchase convertible debentures of Verde’s operating partnership for a common unit equivalent value (i.e. $12.85/unit). The transaction is subject to shareholder approval and other customary closing conditions and is expected to be completed in the fourth quarter of 2012. Wells Fargo Securities has rendered a fairness opinion to Verde with respect to the price per share.
“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.
As investment opportunities arise, the Fund has agreed to negotiate in good faith to provide additional capital to Verde in the form of a backstop for rights offerings of up to $200 million.
“We are excited for the opportunity to work with the experienced Verde team and expanding the breadth of our real estate operations, establishing a cornerstone investment in an industrial platform of high-quality industrial properties,” said David Arthur, Managing Partner at Brookfield Asset Management.
The shareholder meeting to consider the merger will be on August 29, 2012, and, assuming the transaction is approved, closing is expected to occur in the fourth quarter. Proxy materials will be mailed to investors shortly. In addition, the merger agreement is available on Verde’s website at http://www.verderealty.com/.
Verde Investor Presentation Verde will host an investor call and presentation (existing investors only) at 10:00 a.m. (Eastern Time), on Tuesday August 7, 2012. Additional information on the investor call and presentation will be distributed directly to Verde’s investors.
About Verde Verde, a Maryland real estate investment trust, is a fully integrated, self-administered and self-managed REIT that specializes in the ownership, acquisition and management of industrial distribution facilities. Verde’s existing operating portfolio is composed primarily of industrial distribution facilities in the southwestern United States, California, suburban Chicago, Maryland, Utah and northern Mexico.
Brookfield Asset Management Inc. is a global alternative asset manager with approximately $150 billion in assets under management. The company has over a 100-year history of owning and operating assets with a focus on property, renewable power, infrastructure and private equity. Brookfield has a range of public and private investment products and services, which leverage our expertise and experience and provide us with a competitive advantage in the markets where we operate. Brookfield is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM and BAM.A, respectively, and on NYSE Euronext under the symbol BAMA. For more information, please visit our website at www.brookfield.com.
Important Information Verde will circulate a joint proxy statement and private placement memorandum regarding the proposed transaction. This document is not currently available, but is expected to be delivered to investors within the next 7-10 days at the address currently on file with Verde. THE JOINT PROXY STATEMENT AND PRIVATE PLACEMENT MEMORANDUM WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED TRANSACTION; INVESTORS ARE URGED TO READ THIS INFORMATION WHEN IT BECOMES AVAILABLE.
For more information:
Verde Realty Media: Richard Moore Tel: (713) 338-3105 Fax: (713) 585-9396 Email: richard.moore@verderealty.com Brookfield Asset Management Media and Investors: Katherine Vyse SVP, Investor Relations Tel: (416) 369-8246 Fax: (416) 363-2856 Email: katherine.vyse@brookfield.com
Forward Looking Statements Certain statements in this press release may contain forward-looking information regarding Verde Realty, Brookfield and the combined company after the completion of the transaction that are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the benefits of the transaction involving Verde and Brookfield, including future financial and operating results, the new company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Verde’s management and Brookfield and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the ability to obtain third-party approvals of the transaction on the proposed terms and schedule; the failure of Verde shareholders to approve the transaction; the risk that Verde will not be integrated successfully with and into Brookfield’s organization; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers or employees; competition and its effect on revenues, expenses and third-party relationships; social and political conditions such as war, political unrest or terrorism; general economic conditions and normal business uncertainty. Additional risks and factors will be identified in Verde’s joint proxy statement and private placement memorandum regarding the proposed transaction to be delivered to investors.
You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release. Neither Verde nor Brookfield undertakes any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date of this press release.
# # #
TIAA-CREF Sells 1.6M SF in Southeast Memphis
Hillwood Investment Properties purchased five industrial buildings in the Southpark Distribution Center in Memphis, TN from TIAA-CREF for a reported $37.25 million, or approximately $23 per square foot.
The deal totals 1.6 million square feet and includes 4400-4500 Quality Dr., 4500 E. Shelby Dr., 4600 E. Shelby Dr., 4650 Shelby Dr., and 4585 Quality Dr.; all located in the Southeast Industrial submarket of Shelby County. Each industrial building was constructed between 1992-1994.
Hillwood has purchased two other warehouses in the Memphis area this year.
Brad Kornegay with Colliers Management Services LLC represented Hillwood Investment in the sale. Wyatt Aiken and David Curran with Cushman & Wakefield Commercial Advisors LLC represented TIAA Realty, Inc. in the deal.
Memphis Business Journal reports Hillwood Investment Properties has acquired the 600,000-square-foot warehouse at 4221 Pilot Drive for $7.5 million.
Hillwood Investment Properties made the acquisition operating as Pilot Distribution Center Inc.
The acquisition follows the company’s purchase of a 605,427-square-foot warehouse in Olive Branch for $13.5 million in February, which is located at 9105 Hacks Cross Road, from Mazda North America Inc.
Hillwood has developed 4.1 million square feet of industrial space in the Memphis market, all in the DeSoto County submarket. The company has enough land to build another 7 million square feet of industrial space.
The company purchased the Pilot building from Addison, Texas-based MM Industrial Memphis LLC.
Pilot Distribution Center has six 100,000-square-foot compartments and 6,700-square-feet of office space.