NEW YORK ( The Deal) -- Canadian commercial real estate investment trust Brookfield Property Partners, a spinout from Toronto's Brookfield Asset Management ( BAM), said Wednesday, Aug. 7 it acquired Industrial Developments International for $1.1 billion. IDI is the industrial real estate portfolio holding company of Japanese engineering company Kajima. Founded in 1989 and based in Atlanta, IDI owns and operates 75 industrial distribution facilities totaling 27 million square feet in 12 states, and serves major North American consumer product, retail and industrial companies. In addition, IDI has 49 million square feet of future development projects and a significant third-party property management business. The deal is expected to close in the fourth quarter. "With Brookfield's backing, we have an exciting opportunity ahead of us to strengthen IDI's presence in the current markets we serve," said IDI president and CEO Timothy Gunter in a Wednesday statement. Brookfield Property Partners said that it would own about 25% of IDI with the rest owned by Brookfield's institutional partners. "The addition of IDI to Brookfield's existing industrial operations will create a leading global industrial real estate company able to deliver high quality distribution facilities to clients around the world," said Ric Clark, CEO of Brookfield Property in the statement. "The combined business will own irreplaceable assets and development sites near major markets and transport routes, with a 25 year track record of delivering superior service, and is now positioned for significant long term growth." Brookfield Property Partners vice president Melissa Coley declined to comment further on the deal. Kajima couldn't be reached. Brookfield Property's portfolio consists of 300 office and retail properties encompassing approximately 250 million square feet. It also currently has interests in approximately 20,000 multifamily units, 35 million square feet of industrial space and a 19-million-square-foot office development pipeline. The acquirer was formed in April as a spinout from BAM, and holds substantially all of the asset manager's commercial property assets. Those include BAM's stake in shopping mall REIT General Growth Properties, which BAM acquired in the company's 2009 bankruptcy, as well as apartment REIT Fairfield Residential, and Brookfield Office Properties.