BRIEF: Brookfield Asset Management Inc. completes Verde Realty deal
Dec 28, 2012 (Menafn - El Paso Times - McClatchy-Tribune Information Services via COMTEX) --Brookfield Asset Management Inc. of New York last week completed the 886 million acquisition of majority ownership in Verde Realty, a Houston real estate investment trust founded in El Paso.
An investment fund managed by Brookfield will control 81 percent of Verde shares. The remaining shares will be retained by some existing Verde shareholders.
Verde owns 111 industrial distribution facilities in several U.S. cities, and along the U.S.-Mexico border, including in El Paso and Ju& #225;rez. It also owns more than 20,000 acres of land in Santa Teresa, which is slated for future sale and development, Brookfield reported.
Verde's management will stay in place as Verde looks to expand its property holdings, Brookfield announced.
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