Has acquired a 53-building, shallow-bay industrial portfolio for $628 million through its TPG AG Real Estate platform in partnership with Redfearn Capital, the San Francisco-based manager said.
TPG is deploying capital for the portfolio, located across seven states, from value-add vehicles and according to a source familiar with the matter. Fund XI was launched in March 2022 and held a final close in 2024 at $2.65 billion, missing its $3.25 billion target, according to PEI Group data. Fund XII, which has a $3 billion target, was launched in 2026.
The portfolio comprises approximately 5.4 million square feet and is located across Florida, Georgia, North Carolina, Tennessee, Minnesota, Illinois and Oregon, TPG said.
The partnership, which also includes Atlanta Property Group and Matterhorn Venture Partners, will jointly manage the portfolio which is 87 percent occupied. About 75 percent of the assets are concentrated in the Southeast, TPG said.
TPG AG said it plans to create value for the portfolio, which consists primarily of shallow-bay assets, through active asset management that includes targeted capital investment to address deferred maintenance and improve tenant retention.
Redfearn will manage assets in Tampa and Lakeland, Florida and Memphis, Tennessee, while Atlanta Property Group will oversee properties In Atlanta, Raleigh/Durham and Charlotte, North Carolina. Matterhorn Venture Partners will manage assets in Chicago, TPG said.
“This acquisition represents another significant milestone in our investment strategy and reinforces our conviction in the long-term fundamentals of the US shallow bay industrial sector,” said Chris Oka, TPG AG’s managing director, in a statement.
Eastdil Secured advised on the debt financing for the transaction, while Greenberg Traurig, LLP represented the TPG-led consortium as its legal advisor.
TPG, which has $327 billion in assets under management, is ranked sixth in the most recent PERE 100 list of the world’s largest private real estate managers.
The firm marking the first vehicle in the series to be launched since the firm acquired Angelo Gordon in 2023. See original article here:
