CORRECTED-Brookfield Property to buy U.S. warehouse business from Japan's Kajima

Wed Aug 7, 2013 8:00am EDT
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(Corrects deal value to $1.1 billion from C$1.1 billion in first paragraph)

Aug 7 (Reuters) - Canada's Brookfield Property Partners LP said it will buy a privately held U.S. real estate company from Japan's Kajima Corp in a $1.1 billion deal that will increase its industrial real estate portfolio.

Brookfield Property Partners said it will own about 25 percent of Industrial Developments International Inc, with the rest owned by Brookfield's institutional partners.

IDI owns and operates 75 warehouses totaling 27 million square feet in North America. (Reporting by Krithika Krishnamurthy in Bangalore; Editing by Joyjeet Das)