TPG Real Estate has sold central and eastern European property company TriGranit to Goldman Sachs and Revetas.
The company owns 1.9m sq ft of fully-let office buildings valued at €450m in Poland and Hungary.
TPG bought the company for more than €500m at the end of 2015, but has since sold off substantial parts of its portfolio.
Eric Assimakopoulos, managing partner at CEE-focused investment manager Revetas, said: “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.”
Michael Abel, partner at TPG Real Estate, added, “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.”
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