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.”
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).
Notes to Editors:
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
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