Canadian investment giant Brookfield Asset Management has acquired a 1.5-million-square U.S. industrial real estate portfolio from DRA Advisors.

Meanwhile, Brookfield CEO Bruce Flatt has told Bloomberg that Connor Teskey, the company’s 36-year-old president, will succeed him as the company’s chief executive in the future.

Toronto-based Brookfield purchased the properties through its private real estate fund for an undisclosed price. The portfolio contains infill light-industrial assets that are 96% occupied and cater to hundreds of national, regional and local business in 20 high-growth U.S. markets.

“We strongly believe in the long-term fundamentals in the logistics space and are excited about the opportunity to purchase this portfolio of light-industrial assets that represent mission critical locations for the tenants,” said Andy Smith, Brookfield’s head of North American logistics investments.

“Given the increased financing and construction costs over the last several years, particularly in the light industrial space, we believe this transaction represents the opportunity to capitalize on strong supply-]demand fundamentals for assets in top markets where Brookfield has existing operating experience.”

Brookfield is financing the acquisition through the commercial-mortgage-backed-securities market. The company said it will launch a targeted capital improvement program to enhance the sustainability, safety and efficiency of the assets.

By be tagged as the company’s CEO, Taskey is on course to become a billionaire due to the firm’s stock-based compensation system for senior executives, Bloomberg reported.

Flatt said Teskey’s promotion will occur eventually, but not imminently.

“I think it will be exactly when all clients, business partners, people inside are 100% comfortable that it’s all natural to happen,” Flatt told Bloomberg in an interview. “And so, we really haven’t set that date. It’ll be whenever it’s natural to do it.”

Brookfield Asset Management is one of a number of companies bearing the Brookfield banner. Flatt, 59, also heads the overarching company and plans to chair it eventually.

Teskey also heads Brookfield’s renewable power and global energy transition business.