TPG to buy realty firm Flagler
Private equity TPG Capital LP has reached an agreement to buy Florida real estate company Flagler from private equity firm Fortress Investment Group LLC for $1.2 billion, sources said.
The acquisition will give TPG a mix of office buildings, land, and warehouse and distribution centres in and around Orlando, Miami and Jacksonville, as well as Flagler’s management team, they added. TPG signed a letter of intent and is expected to follow up with a partial payment next month.
Flagler was founded in 1892 by Henry Flagler, partner of John D. Rockefeller in Standard Oil. Flagler played a central role in developing Florida’s east coast and was founder of Florida East Coast Railway. Fortress bought Flagler’s real estate business as well as its railroad business in 2007 and separated the two companies into Flagler and Florida East Coast Railway.
