MWest Acquires Office Portfolio in North San Jose, California
Joint venture MWest, backed by DivcoWest, Ivanhoé Cambridge and TPG Real
Estate adds 825,000 square feet to its Silicon Valley Portfolio
SAN FRANCISCO -- November 6, 2013
MWest Properties has acquired three campuses in North San Jose, CA from Carr
Properties, further expanding its Silicon Valley portfolio. Terms of the
transaction were not disclosed.
The acquisition includes 12 R&D and corporate office buildings totaling
825,000 square feet. The major tenants include Boston Scientific (NYSE: BSX),
the North American headquarters of Taiwan Semiconductor Manufacturing Company
(NYSE: TSM) and the corporate headquarters of Tessera.
“These are quality, well-managed assets with good credit tenancies in place in
a market which has seen rental increases and improved vacancy rates and which
continues to experience strong employment growth,” said Justin Wesley,
Managing Director at MWest. “The addition of these assets creates tremendous
synergies within our existing platform and significant value-add
opportunities,” he added.
About MWest Properties: MWest Properties is a venture that was formed by
DivcoWest, Ivanhoé Cambridge and TPG Real Estate in December 2012 to acquire
the majority of assets owned by Mission West Properties (formerly, NYSE: MSW).
The company's holdings now include more than 7.1 million square feet of
commercial office and R&D space across 85 properties in the Silicon Valley.
MWest is focused on making additional property acquisitions in the Silicon
Valley and San Francisco areas. MWest's group of senior executives has
extensive expertise in commercial property acquisition, redevelopment, and
About DivcoWest: DivcoWest was founded by Stuart Shiff, who founded DivcoWest
Properties in 1993. DivcoWest is a vertically-integrated operating company
with approximately 75 employees that provides asset, property and construction
management and leasing services and has offices in the San Francisco Bay Area
and Boston. DivcoWest is comprised of a dedicated group of professionals with
extensive experience in sourcing, structuring, acquiring, financing,
developing, redeveloping, managing, leasing and selling primarily commercial
real estate and other real estate-related assets. DivcoWest employs a
disciplined approach to investing on behalf of a broad base of U.S. and
non-U.S. public and corporate pension funds, institutional investors and high
net worth individuals, with a focus on creating value through prudent
acquisitions, active management and well-timed sales. www.divcowest.com
About Ivanhoé Cambridge: Ivanhoé Cambridge is a world-class real estate
company that leverages its high-level expertise in all aspects of real estate
including investment, development, asset management, leasing and operations,
to deliver an optimal return for its investors. Through its multiple
subsidiaries, its assets in more than 20 countries are valued at over Cdn$35
billion as at December 31, 2012. Ivanhoé Cambridge is a real estate subsidiary
of the Caisse de dépôt et placement du Québec (lacaisse.com), one of Canada's
leading institutional fund managers. For more information, visit
About TPG Real Estate: TPG Real Estate is the real estate platform of TPG, a
leading global private investment firm founded in 1992 with $55.3 billion of
assets under management and offices in San Francisco, Fort Worth, Austin,
Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai,
New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG has extensive
experience with global public and private investments executed through
leveraged buyouts, recapitalizations, spinouts, joint ventures and
restructurings.The firm'sreal estate transactions have included ST
Residential, Catellus Development Corporation, Taylor Morrison Home
Corporation (NYSE:TMHC), Parkway Properties, Inc. (NYSE:PKY), Merin BV, the
Woolgate Exchange building in the City of London, Assisted Living Concepts,
LLC, AV Homes, Inc. (Nasdaq:AVHI), and PointPark Properties (P3), among
others. For more information visitwww.tpg.com.
Andrew Neilly, 925-930-9848
For Ivanhoé Cambridge:
Global media line: +1.866-456-3342
Owen Blicksilver PR, Inc.
Lisa Baker, 914-725-5949
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