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DENVER-Industrial REIT ProLogis has struck a deal to sell a $505 million portfolio of US retail and mixed-use assets that it acquired in its 2005 merger with Catellus―and the Catellus name―to TPG Capital of Fort Worth. The properties to be sold, which ProLogis owns directly or through equity interests, include four shopping centers, two office buildings, 11 mixed-use projects with related land and development agreements, two residential development joint ventures, Los Angeles Union Station, certain ground leases and other right-of-way leases.

Walter C. Rakowich, ProLogis chief executive officer, said that the assets to be sold “are high-quality with good long-term prospects, but they are not in keeping with our strategy to concentrate our investment in core industrial properties in the world’s major logistics corridors.” Kelvin Davis, TPG senior partner, commented that the company “is already well positioned through its diverse portfolio of high-quality, well-occupied assets in growing markets. As a standalone company, we believe the new Catellus will be in anexcellent position to capitalize on the economic recovery and build on its strong footprint.”

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