ProLogis Closes on Majority of Catellus Retail and Mixed-Use Asset Sale to TPG Capital

Mar 02, 2011, 17:10 ET from ProLogis

DENVER, March 2, 2011 /PRNewswire/ -- ProLogis (NYSE: PLD), the leading global provider of distribution facilities, has closed on the majority of the previously announced sale of Catellus retail and mixed-use assets to affiliates of TPG Capital (TPG).  The total consideration for this tranche was $353 million, which included a retained preferred equity interest of $55 million.

Included in this closing were four shopping centers, two office buildings, nine mixed-use projects with related land and development agreements and two residential development joint ventures.  TPG also bought the rights to the Catellus name.  Ted R. Antenucci, ProLogis' president and chief investment officer, has joined Catellus as president and chief executive officer and will have dual roles through June 2011.

The closing on the remaining assets is expected to be in the second quarter 2011.

About ProLogis

ProLogis is the leading global provider of distribution facilities, with more than 435 million square feet of industrial space owned and managed (40 million square meters) in markets across North America, Europe and Asia. The company leases its industrial facilities to more than 3,800 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises with large-scale distribution needs. For additional information about the company, go to www.prologis.com.

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About TPG Capital

TPG Capital is the global buyout group of TPG, a leading private investment firm founded in 1992, with more than $48 billion of assets under management and offices in San Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and Tokyo.  TPG Capital has extensive experience with global public and private investments executed through leveraged buyouts, recapitalizations, spinouts, growth investments, joint ventures and restructurings.  TPG seeks to invest in world-class franchises across a range of industries.  Real estate-intensive businesses constitute a core area of investment focus and expertise for TPG, including ST Residential (a $4.5 billion portfolio of mortgage loans and REO assets previously owned by Corus bank), Harrah's Entertainment, Fairmont Raffles Hotels International, Neiman Marcus, ParkwayLife REIT, PETCO and Surgical Care Affiliates.

SOURCE ProLogis



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