CEE-focused investment manager Revetas, together with funds managed by Goldman Sachs Asset Management, has acquired TriGranit from TPG Real Estate, the real estate platform of global alternative asset firm TPG.
Terms of the transaction were not disclosed, but media reports have estimated the deal at €450 mln.
'Revetas’ acquisition of TriGranit represents the opportunity to create further exceptional real estate developments in key university cities in Central and Eastern Europe, combining both Revetas’ long standing track record in the region as a value-add investor and TriGranit’s exceptional track record as a developer,' said Eric Assimakopoulos, managing partner at Revetas.
'We are pleased to be partnering with a strong management team in the continuation of delivering high-quality developments into the core real estate segment, which has been the only liquid asset class throughout the region over the past cycles.'
TriGranit’s portfolio of Central and Eastern European assets comprises a total gross leasable area (GLA) of over 173,000 m2, made up of Class A office buildings fully leased to mainly international tenants, and three Class A greenlit office development projects. The total asset value, including gross development value, exceeds €450 mln.
Two of the Class A office development projects, B4B Building H in Krakow and Millennium Gardens in Budapest, are already under construction, while B4B Building I in Krakow and Silesia Towers 1 in Katowice are expected to be launched shortly.
'With TriGranit, we saw a unique opportunity to carve out a strategic platform, led by a strong management team, that was well-positioned to benefit from the macroeconomic performance of Central Europe. We want to thank the TriGranit team for their partnership and wish the company the best of luck in the next chapter of its journey,' said Michael Abel, partner at TPG Real Estate.
Under TPG Real Estate’s ownership, TriGranit executed a number of value-creating initiatives in areas such as asset management, development and operational improvements. During this period, TriGranit completed several developments, while transactions included the sale of Bonarka City Center in Poland, Millennium Towers in Hungary, and Lakeside Offices in Slovakia.
TPG Real Estate has a history of building and scaling differentiated real estate platforms across Europe and North America. Current and past investments have included A&O Hotels and Hostels, Arlington Properties, Enlivant, Evergreen Industrial Properties, LifeStorage, P3 Logistic Parks, and Taylor Morrison.