TPG Reaches Agreement For Flagler Purchase

Feb 02, 2012 No Comments by

Private equity group TPG Capital LP has entered an agreement to acquire Flagler, a Florida-based real estate company, from private equity firm Fortress Investment Group LLC for $1.2 billion.

The purchase will include Flagler’s management team as well as a mixture of various types of real estate in and around the Orlando, Miami and Jacksonville markets.

A letter of intent has been signed by TPG and a partial payment is expected next month.

Flagler was created in 1892 by Henry Flagler, in partnership with John D. Rockefeller. Flagler was a main partner in developing the Florida East Coast Railway and several commercial properties in the state.

Source:  CoStar

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