TPG And NY’s Gramercy Property Enter JV To Buy $1B In Property
San Francisco-based private equity firm TPG Capital’s real estate fund has entered a JV with Gramercy Property Trust in New York, with plans to buy $1B worth of real estate properties over the course of three years.
The two firms announced the deal earlier this week, with Gramercy selling a 75% stake in its portfolio of six office assets to TPG Real Estate as part of the deal. The six properties are valued at $187.5M and are in Nashville, Minneapolis and the Los Angeles, San Diego and S.F. areas, Bloomberg reports.
The new $400M venture, Strategic Office Partners, will acquire Gramercy’s portfolio, though Gramercy maintains a 25% interest. [Bloomberg]