TPG on Verge of Offloading US Industrial: Reports

An Evergreen Industrial property. The platform’s 150 assets are generally less than 250,000 square feet each. (Photo: Evergreen Industrial Properties)

FORT WORTH—Three years after establishing a light industrial platform, TPG Real Estate reportedly is planning to divest it. Citing sources said to be familiar with the deal, PERE reported Wednesday that the Fort Worth-based private equity firm is preparing to sell Evergreen Industrial Properties to Ivanhoé Cambridge, the real estate arm of Caisse de Depot et Placement du Quebec. The $1-billion sale would represent Ivanhoé’s US debut in the industrial sector, although it has invested extensively in this property type elsewhere.

TPG launched Evergreen in May 2014 with a 7.5-million-square-foot acquisition from Prologis. The platform now spans over 150 assets comprising approximately 16 million square feet across 18 major markets.