TPG set to make $69 million through Parkway Life exit
TPG Capital is reportedly looking to offload its 9.3% stake in Singapore-based healthcare REIT Parkway Life, via a sale that could fetch as much as S$91.1 million ($69 million).
The news comes two months after Malaysian sovereign wealth fund Khazanah Nasional acquired Parkway Holdings for $2.6 billion, beating out Indian hospital operator Fortis Healthcare after a months' long battle. Through that deal, Khazanah now manages some of Parkway Life's properties. According to Singaporean reports, TPG is specifically selling more than 56 million shares at as much as a 6.6% discount on Parkway Life's last trading price, or approximately S$1.56-$1.62 ($1.17-1.21) a share. Goldman Sachs is the deal's bookrunner.
In March, TPG sold its 23.9% stake in Parkway Holdings to Fortis Healthcare for $685.3 million. The PE firm originally invested in Parkway from 2005 to 2008 for a total commitment of around $358 million, and secured approximately 3x return after dividends and borrowings. Its March sale of its significant minority stake sparked Khazanah and Fortis' race to take majority control of the asset.
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