LONDON—TPG Real Estate has reached an agreement to purchase TriGranit, one of Europe's largest, privately-owned developers and managers of retail and office assets. Under the terms of the agreement, TPG Real Estate will acquire TriGranit's development and asset management platform as well as a portfolio of high-quality assets located primarily in Poland.
As part of the acquisition, TPG Real Estate intends to commit additional capital to fund future growth and to strengthen TriGranit's balance sheet to create a leading real estate investment, development and management platform in central Europe. TriGranit's existing management team will remain in place.
“We founded TriGranit twenty years ago and it has grown into the region's leading real estate company,” said Sándor Demján, founder and chairman of TriGranit. “I believe TPG Real Estate is a perfect buyer, as its extensive experience can carry on the TriGranit legacy.”
“TPG Real Estate's expertise and global presence makes it the ideal partner to further strengthen and expand our business through the development and management of office and retail projects in key strategic locations, as well as through strategic acquisitions in the future,” said Árpád Török, CEO of TriGranit. “I look forward to working with TPG Real Estate to achieve TriGranit's next successful chapter of growth.”
“TriGranit is an excellent business with a strong track record. Its highly experienced management team with deep local market knowledge and a high-quality real estate portfolio position the company well for future growth,” said Anand Tejani of TPG Real Estate. “With the favorable macro and real estate trends in the region, coupled with TPG Real Estate's expertise and financial resources, we see a number of opportunities to expand the TriGranit platform. We look forward to working together with the TriGranit management team to continue to grow the business.”
Completion of the transaction is subject to customary closing conditions and is expect to close before the end of the 2015. Additional terms of the transaction were not disclosed.
Certain assets, the WestEnd City Center in Budapest, and some other TriGranit related projects have been carved out of this transaction. The company managing and supervising these projects will continue its operations under the name Gránit Management. TriGranit is one of the largest fully integrated, privately owned regional real estate investment, development and management companies in Central Europe. The company's primary focus is on mixed-use “City Center” projects and office and retail developments in strategic urban locations
TPG Real Estate (“TPGRE”) is the real estate platform of TPG, a leading global private investment firm with approximately $75 billion of assets under management and 17 offices around the world.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
