Mission West Assets To Fetch $1.3B

CUPERTINO, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement today, but GlobeSt.com has learned that Mission West Properties Inc. has entered into two agreements to dispose of all of its real estate assets for an enterprise value of approximately $1.3 billion. Mission West has agreed to sell certain of its real estate assets to a JV entity sponsored by affiliates of Divco West and TPG Real Estate in exchange for approximately $400 million in cash and $398 million in assumed debts and other obligations. 

In addition, according to a prepared statement, Mission West has agreed that certain operating partnerships will retain their remaining assets and liabilities with an approximate net value of $525 million and the non-converting limited partners will retain an ownership interest in those operating partnerships.