Adam Metz, the former chief executive of General Growth Properties (GGP), has joined TPG Capital. Although TPG declined to comment, a source close to the situation confirmed that the Fort Worth, Texas-based private equity firm has hired Metz as a senior advisor.
According to a report by Reuters, TPG has brought Metz on board as part of its plan to build a commercial real estate investment management business. Indeed, over the past year, the Texas firm has been active in real estate, teaming with Oaktree Capital Management in March to acquire the US and Canadian arm of British homebuilder Taylor Wimpey, closing on a $505 million deal to buy ProLogis’ Catellus assets in December and bidding on the ING Real Estate Investment Management platform last fall. And Metz isn’t TPG’s first real estate hire this year, having brought aboard former Westbrook Partners managing principal Avi Banyasz in January.
Metz, who had been a director of GGP since November 2005, became chief executive of the Chicago-based shopping mall REIT in October 2008, just a few months before the firm filed for Chapter 11 bankruptcy protection. In June 2010, a consortium led by Toronto-based Brookfield Asset Management spearheaded a $6.8 billion recapitalisation of GGP, helping to pull the REIT out of bankruptcy.
Indeed, GGP emerged from bankruptcy in November 2010, and Metz and former president and chief operating officer Thomas Nolan left the REIT the following month. Sandeep Mathrani, Vornado Realty Trust’s former president of retail, took over as chief executive of GGP after Metz stepped down.