Brookfield Grabs A TA Realty Industrial, Office Portfolio For $854M
TA Realty sold a 45-asset industrial and office portfolio to a Brookfield-sponsored real estate fund this week for $854.5M.
Tom Landry, a managing parter at TA Realty's Boston-based investment management fund, said the transaction for 8.6M SF in assets successfully monetized a significant chunk of the firm’s Fund IX, and jettisoned all remaining industrial properties. This puts the company's risk management business in a favorable light, Landry said.
"We believe the outcome of this transaction represents an attractive risk-adjusted return on invested capital, and we look forward to distributing the proceeds to our investors," he said in a statement.
TA Realty is actively pursuing the sale of its remaining Fund IX assets, and Landry said several potential buyers have expressed strong interest in the holdings.