ProLogis Sells Catellus Retail And Mixed-Use Assets

ProLogis has entered into a definitive agreement with affiliates of TPG Capital to sell a portfolio of U.S. retail and mixed-use assets and the Catellus name for a total purchase price of approximately $505 million.

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, ProLogis says.

ProLogis notes that it is directly providing $30 million of first-mortgage financing, which will bear interest at 7%, for Los Angeles Union Station.

SOURCE: ProLogis


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