Private equity group TPG Capital LP has entered an agreement to acquire Flagler, a Florida-based real estate company, from private equity firm Fortress Investment Group LLC for $1.2 billion.
The purchase will include Flagler’s management team as well as a mixture of various types of real estate in and around the Orlando, Miami and Jacksonville markets.
A letter of intent has been signed by TPG and a partial payment is expected next month.
Flagler was created in 1892 by Henry Flagler, in partnership with John D. Rockefeller. Flagler was a main partner in developing the Florida East Coast Railway and several commercial properties in the state.
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