TriGranit sale to TPG finally goes through
Investment & financedeputy editor
As part of the transaction, TPG has acquired a portfolio of office and retail assets predominantly located in Poland, as well as other Central European locations. TriGranit, which has offices in Budapest, Warsaw, Kraków and Bratislava, is to continue its real estate activities, including acquisitions, development, construction, and property and asset management. The senior management team is to remain with the company after the transaction.
“The new TriGranit will manage a much wider scope of activities than before. As an integrated real estate platform, we will not only focus on the development and management of retail and office projects, but also acquisitions of high quality assets. Poland and the capital cities in Central Europe remain our main area of focus. We see enormous potential in the countries in this region due to their favourable macro environment and real estate trends,” commented Árpád Török, the CEO of TriGranit.
The intended takeover by US investor TPG was originally announced in August and was expected to have been concluded by the end of September. The deal includes the acquisition of Polish subsidiaries such as Trigranit Development Poland and SPV companies of the group: Bonarka Residential, Bonarka Offices, Bonarka City Center, Energit, Poznań Office Center, Silesia Offices I and Silesia Offices II. It also includes properties such as the K&H Bank HQ and Millennium Towers I, II and III in Budapest and Lakeside Park in Bratislava. The latest TriGranit project in Poland was Poznań City Center, which was sold to a consortium of funds run by Resolution Property and ECE Projektmanagement at the beginning of 2014.
“This transaction represents the culmination of over a year of work to acquire a high quality platform and real estate via a corporate carve-out. We look forward to working with this experienced management team to achieve TriGranit’s next successful chapter of growth,” said Anand Tejani, a partner of TPG Real Estate. Michael Abel, the principal of TPG Real Estate added: “Following a long history of successful real estate development, investment and management, TriGranit presents a unique opportunity to continue the growth of a leading, fully integrated real estate platform.”
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