TPG Real Estate has announced that it has closed its acquisition of TriGranit, one of the largest fully integrated, real estate platforms in central Europe. As part of the transaction, TPG acquired a portfolio of office and retail assets predominantly located in Poland, with select exposure to other key central European locations. TPG Real Estate originally announced it had reached an agreement with TriGranit in August 2015.
TriGranit, with operational and capital support from TPG Real Estate, will build on its leading central European real estate platform, focused on office and retail projects. The company, with offices in Budapest, Warsaw, Krakow and Bratislava will pursue a full spectrum of real estate activities including acquisitions, development, construction, and property and asset management. The senior management team will remain with the company after the transaction.
“The new TriGranit will manage a much wider scope of activities than before. As an integrated real estate platform, we will not only focus on development and management of retail and office projects, but also acquisitions of high quality assets. Poland and the capital cities in Central Europe remain our main area of focus. We see enormous potential in the countries in this region due to their favourable macro environment and real estate trends,” said Árpád Török, CEO of TriGranit.
“This transaction represents the culmination of over a year of work to acquire a high quality platform and real estate via a corporate carve-out. We look forward to working with this experienced management team to achieve TriGranit’s next successful chapter of growth,” said Anand Tejani, partner of TPG Real Estate.
Michael Abel, principal of TPG Real Estate added, “Following a long history of successful real estate development, investment and management, TriGranit presents a unique opportunity to continue the growth of a leading, fully integrated real estate platform.”
