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
Uber has been reportedly tracking user's phones, even after deleting the app. However, the company now assured that it would not continue with such tracking anymore. Qatar Airways will launch long-haul flights to twelve new destinations in 2018, including direct flights to Wales in the UK and San Francisco in the U.S. Qatar Airways plans to start direct flights to San Francisco in early 2018 as part of its growth strategy. The move comes even as the carrier's Dubai-based rival Emirates Airlines said last week that it will cut flights to five cities in the U.S. Ahead of the April 28 launch of Mario Kart 8 for the Nintendo Switch game console, Target Corp. is transforming 650 plus stores across the country into Mario Kart courses. The transformation will begin at the front of the stores itself, with a checkered starting line at the entrance of the stores.
comments powered by Disqus
Follow RTT