08:43 AM EDT, 09/23/2021 (MT Newswires) -- Brookfield Asset Management (BAM-A.TO) on Thursday announced a $1 billion strategic partnership with Elion Partners that will expand Brookfield's real estate secondaries logistics portfolio across core infill markets.
As part of the partnership, Brookfield recapitalized an Elion master-planned industrial park in Chicago that the company says has the potential to develop about $1 billion of industrial real estate. The site includes 4 million square feet in five fully leased Class A industrial assets, as well as the potential to develop up to 15 million square feet of additional properties.
Park Madison partners acted as the exclusive capital adviser for recapitalization.
Brookfield also made an $80 million equity commitment to Elion's latest affiliated value-added fund which achieved its hard cap of $500 million at its final closing last month.
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