Brookfield Asset Management Inc. announced today that it has formed a joint venture with Hillwood Development Corp. to acquire, develop and manage large warehouses and other industrial properties in the US. Weil, Gotshal & Manges LLP was counsel to Brookfield Asset Management on the deal.

The new joint venture expects to commit $400 million in equity and leverage that into $1 billion of investment within the first three years. It will be included within Brookfield Property Ventures, a new public entity that will be launched later this year.

Brookfield is a global alternative asset manager based in Toronto, Canada, focusing on renewable power, infrastructure, and private equity, with property assets in North and South America, Europe, and Australia. Hillwood Development Corp. is a top commercial and residential real estate investor and developer based in Dallas, Texas owned by Ross Perot, Jr.

Weil’s team included Corporate partners J. Philip Rosen and Shukie Grossman; Corporate associates Melissa Meyrowitz, Andrew Chizzik, and Ashley Birnbaum; Tax partner Stan Ramsay; and Tax associate Randell Gartin.