IDI has merged with Verde Realty. The entity, which will operate under the IDI name, has combined assets valued at more than $2 billion. The company will have offices in 11 cities in the U.S. and Mexico, and headquarters will remain in Atlanta with Timothy Gunter retaining the title of president and CEO.
The deal doubles the number of buildings in IDI’s portfolio to a total of 179, while increasing total square footage to 45 million. Additionally, IDI now has landholdings available for 53 million square feet of buildable space.
Verde Realty is an existing majority-owned real estate holding of Brookfield Property Partners L.P. and its institutional partners. The $1.1 billion transaction positions IDI as one of the largest industrial property companies and makes Brookfield’s portfolio of industrial real estate holdings among the largest in North America.
“By combining our operations with Verde, IDI is positioned to build upon and strengthen the brand we have built over the past 24 years,” Gunter said. “Our collective goal for the ‘new IDI’ is to develop the highest quality North American industrial platform while remaining true to our mission – to build real long-term value for our clients, team members, communities and industry by striving for superior quality in all we do.
“We will continue to grow the company through development of inventory buildings while still serving build-to-suit clients,” Gunter added. “By combining our assets and expertise, our footprint becomes broader, our asset base and balance sheet stronger, and we are better able to pursue acquisition of product.”
