Brookfield Asset Management has invested in a US industrial park project and a value-added logistics fund managed by Elion Partners.
Brookfield said it is will recapitalise Elion Logistics Park 55 (ELP 55), a Chicago master-planned industrial park with the potential to develop $1bn (€852m) of industrial real estate.
The project includes five existing fully-leased industrial assets totalling 4m sqft, as well as the potential to develop up to 15m sqft of additional industrial properties going forward.
Brookfield said the investment also included an $80m equity commitment to the Elion Real Estate Fund V fund, which raised $500m at its final close last month. The fund targets logistics real estate assets in core infill US coastal markets.
Chris Reilly, managing partner at Brookfield, said: “We are excited about the partnership with Elion and the opportunity to gain exposure to high-quality industrial assets in supply-constrained markets with significant potential upside.”
Juan DeAngulo, managing partner at Elion Partners, said: “Industrial logistics real estate continues to experience positive momentum, and now is the logical time to seek long-term capital.
“This partnership structure and Brookfield’s support will enable Elion to fulfil the long-term development plans for ELP 55.”
To read the digital edition of the latest IPE Real Assets magazine click here.