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Revetas announces acquisition of TriGranit from TPG Real Estate

Revetas,  a specialist real estate investment manager focusing on the Central and Eastern  Europe (‘CEE’) region, together with funds managed by Goldman Sachs Asset  Management, announced it has acquired TriGranit from TPG Real Estate, the real  estate platform of global alternative asset firm TPG. Terms of the transaction  were not disclosed.

TriGranit’s  high-quality portfolio of Central and Eastern European assets comprises a total  gross leasable area (GLA) of over 173,000  sqm, made up of Class A office buildings fully leased to a  multiple of high-quality international tenants, and three  Class A permitted office development projects. The total asset value, including  gross development value, exceeds €450 million. 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 in the near future. These will continue  to be developed by TriGranit to the highest quality office specification and in  a sustainable manner, with the aim of achieving the highest possible green  building certifications.

Eric  Assimakopoulos, Managing Partner at Revetas, commented, “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. 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.”
 
Michael  Abel, Partner at TPG Real Estate, commented, “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.”

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, and executed on  successful transactions, including 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. Select current and past investments include A&O  Hotels and Hostels, Arlington Properties, Enlivant, Evergreen Industrial  Properties, LifeStorage, P3 Logistic Parks, and Taylor Morrison (NYSE:TMHC).

Enquiries:

Revetas
Eric Assimakopoulos (Managing Partner)media@revetas.com
Charles Cook, Attila Consultants +44 7710 910563
 
Goldman Sachs
Joseph Stein, Goldman Sachs+44 207 774 2523
Filip Dutkowski, NBS Communications+48 22 826 74 18
 
TPG
Alex Jonestpg@greenbrookpr.com

Notes  to Editors:

About Revetas
Revetas  is a real estate investment manager executing a specialised strategy targeting  distressed, undervalued, value- add and opportunistic assets in Central and  Eastern Europe (‘CEE’). The firm was founded in 2012 and is led by Managing  Partner Eric Assimakopoulos together with his senior management team, who have  been operating in the region for over 16 years. The business operates from  London, Vienna and Luxembourg.

Revetas  manages and invests capital on behalf of a global investor base comprising  institutional investors, endowment funds, pension funds and ultra-high net  worth individuals. It targets well located real estate assets with the  potential to benefit from active asset management initiatives and additional  capital investment. Revetas focuses on commercial property, including office,  retail, hospitality and logistics, as well as residential assets. www.revetas.com

About Goldman Sachs Asset Management’s Vintage  Funds
The  Vintage Funds invest in the secondary market for private equity, providing  liquidity, capital and partnering solutions to private market investors and  managers globally.  With over $27 billion in committed capital, the  Vintage Funds have been innovators in the secondary market for over 20  years.  The Vintage Funds are managed by the Alternative Investments &  Manager Selection (“AIMS”) Group within Goldman Sachs Asset Management.   The AIMS Group provides investors with open architecture investment and advisory  solutions across hedge fund, private equity, real estate, public equity, fixed  income and environmental, social, governance and impact-focused investment  strategies. www.gsam.com

About TriGranit
TriGranit  is one of the largest, fully integrated real estate platforms in Central  Europe, focusing primarily on quality retail and Class A office buildings in  strategic urban locations. TriGranit conducts a full spectrum of real estate  activities, including acquisition, development, and construction as well as  property and asset management. In its two decades of operation, TriGranit has  developed nearly 50 landmark projects creating 2 million sqm of gross leasable  area in seven CEE countries and has won more than 50 highly prestigious  international awards. www.trigranit.com

About TPG Real Estate
TPG Real Estate ("TPGRE") is the real estate platform of  TPG, a leading global alternative asset firm with more than $82 billion of  assets under management and 16 offices around the world. TPGRE includes TPG  Real Estate Partners (“TREP”), its equity investment platform, and TPG Real  Estate Finance Trust (NYSE: TRTX), its debt origination and acquisition  platform. TREP focuses primarily on investments in real estate-rich companies,  property portfolios, and select single assets located in North America and  Europe. TRTX originates and acquires senior real estate loans across a broad  spectrum of asset classes in North America. TPGRE currently manages  approximately $7 billion in assets across both platforms. For more information  please visit www.tpg.com.