UPDATE 1-TPG to buy Florida real estate co Flagler-sources
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By Ilaina Jonas
NEW YORK, Jan 27 (Reuters) - 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, according to two sources familiar with the deal.
The acquisition will give TPG Flagler's management team plus a mixture of office buildings, land, and warehouse and distribution centers in and around Orlando and Jacksonville, the sources said.
TPG signed a letter of intent and is expected to follow up with a partial payment next month, a source said.
It could not be determined the number of bidders vied for the portfolio and company marketed by Eastdil Secured, an affiliate of Wells Fargo & Co.
The deal is atypical in that it is a mixture of various types of real estate.
Owen Blicksilver, a representative for TPG, declined to comment. A Fortress spokesman could not be reached for immediate comment.
((For more news about TPG Capital LP click here:))
(Reporting By Ilaina Jonas; Editing by Bob Burgdorfer) Keywords: FLAGLER TPG/
(ilaina.jonas@thomsonreuters.com)(1 646 223 6193)(Reuters Messaging: ilaina.jonas.reuters.com@reuters.net)
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