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TPEG sells Walgreens building in Louisiana

March 31, 2012

 

TPEG sold the building that was constructed for Walgreens in Ruston, Louisiana. The project was guaranteed by Walgreens, which was rated as an A+ credit risk, and TPEG also hedged the floating interest rate on the loan, eliminating a significant risk. The hedge proved expensive, reducing the TPEG equity investor IRR from 30% to 14%, but with substantial risk reduction. Including the cost of the hedging instrument, TPEG equity investors realized a 129% cash-on-cash return over the life of the investment.

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