So the city's downtown properties get swapped: Bloomberg is reporting that Denver-based ProLogis is selling Union Station to Fort Worth-based TPG Capital. The site is being sold along with numerous other properties for $505 million. Via the press release: "The properties, owned directly or through equity interests, to be sold in the transaction include: four shopping centers, two office buildings, 11 mixed-use projects with related land and development agreements, two residential development joint ventures, Los Angeles Union Station, certain ground leases and other right-of-way leases. The transaction is expected to be substantially completed in the first quarter of 2011, subject to customary closing conditions. Net proceeds will be used for the repayment of debt and to fund future development activity." About the buyers: "TPG Capital is the global buyout group of TPG, an investment company with more than $48 billion of assets under management, according to the statement. Fort Worth, Texas-based TPG is run by billionaire David Bonderman." Following a recent closed-door Metro meeting about Union Station, there had been speculation the city was purchasing the site.
· ProLogis Agrees to Sell Assets to TPG for $505 Million, Details Writedowns [Bloomberg]
· ProLogis Announces $505 Million Agreement With TPG Capital for Sale of Catellus Retail and Mixed-Use Assets [Prologis]
· Yes, They Have Trains And Buses In L.A [WSJ]