Texas-based TPG Capital’s deal to buy the Flagler portfolio, expected to be worth more than $1 billion, appears on the verge of falling through because a price could not be agreed upon.
According to the South Florida Business Journal, which first reported the deal earlier this year, negotiations stalled on the non-Flagler Station portion of the 12 million-square-foot portfolio, which was expected to sell for a total of $1.2 billion (note: correction appended).
The Flagler Station portion is still set to be acquired by AEW, which was initially slated to buy it from TPG immediately following its close on the larger portfolio, SFBJ said.
AEW had a senior position in Flagler Station after it had provided $200 million in financing to Fortress Investment Group, the parent company of Flagler Development, when it acquired the porfolio in 2007. [SFBJ]