GLOBAL – Brookfield Property has acquired global logistics business Gazeley from the Economic Zones World (EZW).

The deal, which has seen a fund managed by Brookfield Asset Management acquire the business, comes ahead of EZW parent Dubai World's $4.5bn (€3.4bn) debt repayment, due in 2015, and will see Gazeley look to become a full-service asset manager.

EZW chairman Hisham Abdullah Al Shirawi hailed it as a "milestone transaction" and said its relationship, which began five years ago, had been "fruitful" and would continue in areas of common interest.

Ric Clark, chief executive at Brookfield Property, added: "We are pleased to have completed the acquisition of Gazeley, a high-quality business with a great track record, strong management team and global footprint.

"With Brookfield's financial resources, we see great opportunities to grow the business – both as an investor and a developer of logistics assets."

Clark's counterpart at Gazeley, Pat McGillycuddy, said the company's new owner would likely provide the support to transform Gazeley into a "full service logistics asset manager".

Brookfield Property will own a 30% stake in Gazeley, a developer of warehouses across the UK, Western Europe and China.

The terms of the deal were not disclosed.