Private equity firm TPG has bought the portfolio of central and eastern European developer TriGranit for more than €500m (£352m).
The deal includes the company’s development and asset management platforms and a portfolio of prime Polish assets. The management team of TriGranit, which specialises in retail and office assets, will remain in place.
As a result of the deal, TPG will commit additional equity to fund future growth and strengthen the company’s balance sheet.
Sándor Demján, founder and chairman of TriGranit, said: “We founded TriGranit 20 years ago and it has grown into the region’s leading real estate company. I believe TPG Real Estate is a perfect buyer, as its extensive experience can carry on the TriGranit legacy. It is a great honour that one of the world’s largest investors has selected our company and its management in Europe.”
Anand Tejani, partner at TPG Real Estate, said: “With the favourable 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.”
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.
Completion of the transaction is subject to customary closing conditions and is expect to close before the end of the 2015.
