logo
Share SHARE
FONT-SIZE Plus   Neg

MPG Office Trust Enters Into JV Agreement With Affiliate Of Beacon Capital

MPG Office Trust, Inc. (MPG) said that it completed the previously announced transactions between MPG, Charter Hall Office REIT and affiliates of Beacon Capital Partners, LLC. As part of the transactions, MPG sold certain non-core assets and entered into a new joint venture agreement with an affiliate of Beacon Capital Partners, LLC.

At the closing of the transactions, MPG, together with Charter Hall Office REIT, sold its interests in Wells Fargo Center, located in Denver, Colorado, and San Diego Tech Center, located in San Diego, California.

In addition, MPG sold its development rights and an adjacent land parcel at San Diego Tech Center and received a payment in consideration for terminating its right to receive certain fees following the closing date. Net proceeds to MPG of approximately $44 million will be used for general corporate purposes.

The new joint venture between MPG and the affiliate of Beacon Capital Partners, LLC will continue to own interests in One California Plaza, located in Downtown Los Angeles, Cerritos Corporate Center, located in Cerritos, California, and Stadium Gateway, located in Anaheim, California. The new joint venture agreement provides for a three-year lockout period, during which time neither partner will have the right to exercise the marketing rights under the joint venture agreement. The company stated that it will continue to maintain a 20% interest in the new joint venture.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Federal Network Agency (Bundesnetzagentur) has asked parents who bought the popular My Friend Cayla doll to destroy the toy or disable its wireless connection. The Bundesnetzagentur has banned the unauthorized wireless transmitting equipment in a children's toy and has already removed the product... Saudi Arabia is reportedly considering to list its state-run oil behemoth Saudi Aramco in New York Stock Exchange. According to a WSJ report, citing people familiar with the matter, Aramco prefers to float its shares on the NYSE, or in London or Toronto after discussion to list on an Asian stock exchange... Anglo-Australian mining giant BHP Billiton plc reported Tuesday a profit in its first half, compared to last year's hefty loss on sharply lower one charges. Underlying EBITDA, a key earnings metric, climbed 65 percent with higher production and prices. The company further lifted its dividend by 150 percent.
comments powered by Disqus
Follow RTT