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Catellus Spins Off from ProLogis
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bdolezal
Mueller Community

Posts: 44
Joined on November 11th, 2008
Catellus Spins Off from ProLogis
by bdolezal on December 21st, 2010

By now, many of you have likely seen communication that Catellus Development Group is spinning off from its parent company ProLogis. For those of you who may not have received the resident email this morning, we wanted to make sure you saw this news.

Sent on behalf of Greg Weaver:

Dear Mueller Residents and Neighbors -

I have some breaking news to share. Those of you who follow the activities of ProLogis, the parent company of Catellus Development Group, may be aware of its intent to concentrate focus on its core business, which is to successfully serve as a global leader in distribution facilities. Consistent with this strategy, as you will see in this excerpt from the announcement by ProLogis this morning, the Catellus retail and mixed-use division of ProLogis is being reestablished as a standalone company named Catellus Development with a new partner, TPG Capital, a private investment firm with international interests founded in 1992 and based in Fort Worth.

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DENVER – December 21, 2010 – ProLogis (NYSE: PLD), the leading global provider of distribution facilities, announced today that it has entered into a definitive agreement with affiliates of TPG Capital(TPG) to sell a portfolio of U.S. retail and mixed-use assets and the Catellus name for a total purchase price of approximately $505 million.

The properties, owned directly or through equity interests, to be sold in the transaction 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. The transaction is expected to be substantially completed in the first quarter of 2011, subject to customary closing conditions. Net proceeds will be used for the repayment of debt and to fund future development activity.

“These assets were acquired in our 2005 merger with Catellus Development Corporation. We have built upon Catellus’ legacy for the past five years and are pleased to see these assets and people transfer to TPG, which has significant experience in real estate and a commitment to building the business. The Catellus assets 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,” Walter C. Rakowich, ProLogis chief executive officer, said.

“We are excited to partner with the strong Catellus management team in the next chapter of the company’s evolution,” said Kelvin Davis, TPG senior partner. “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 an excellent position to capitalize on the economic recovery and build on its strong footprint.”

Ted R. Antenucci Expected to Join New Catellus Entity Mid-2011

It is anticipated that the majority of ProLogis employees associated with the retail/mixed-use properties will be offered employment with Catellus. Following the closing of the sale to TPG, it is expected that ProLogis’ president and chief investment officer Ted R. Antenucci, who joined ProLogis with the Catellus merger in 2005, will rejoin Catellus after a transition period concluding in mid-2011.

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From our perspective, this event is exciting news because we believe we have found the right partner to carry Catellus’ vision forward, building on our success with ProLogis. From your perspective, however, it will likely be invisible as this business transaction will have little impact on the development of Mueller or any of our other projects across the country.

Our local development team will remain the same and will maintain its offices in Mueller. Nothing changes about the Master Developer Agreement with the City of Austin and we will continue to be dedicated to delivering high-caliber development with a steadfast commitment to the community and the goals of the master plan. I am happy to report that I will remain in Austin leading the work at Mueller along with continued company-wide responsibilities as a partner in the new Catellus.

Mueller continues to be an extraordinary success by a number of measures from both a local and national perspective. Our momentum is strong and we look forward to the New Year, already anticipating some notable activity in the coming months. In the meantime, on behalf of the entire Mueller Team, we wish you and your family a very festive and safe holiday season.

Sincerely,
Greg Weaver
 
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doug
Mueller Community

Posts: 484
Joined on February 18th, 2009
Catellus Spins Off from ProLogis
by doug on December 21st, 2010

Will this spur retail development? Hope so.

We need a neighborhood pub!
 
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GarrethWilcock
Mueller Community

Posts: 480
Joined on February 23rd, 2008
Catellus Spins Off from ProLogis
by GarrethWilcock on March 10th, 2011

Catellus announced that their spin off from ProLogis was complete at Tuesday's PIAC meeting. They didn't mention pubs though :)
 
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HornsFan
Mueller Community

Posts: 104
Joined on August 13th, 2008
Catellus Spins Off from ProLogis
by HornsFan on March 10th, 2011

Any news at the PIAC or any other source of what the status of the Market District is? Particularly of interest is the grocery store?
 
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