TriGranit, one of Europe's biggest, privately- owned developers and managers of retail and office assets, is set to be acquired by TPG Real Estate.
According to globest.com, TriGranit's portfolio of high- class assets located in Poland will also be included in the acquisition while TPG Real Estate will give additional capital to strengthen TriGranit's balance sheet for it to be able to lead the real estate investment as well as the development and management platform in Central Europe. According to the reports, the current management of TriGranit won't be leaving the company and will continue on their positions despite of the acquisition.
According to Sándor Demján, founder and chairman of TriGranit, "We founded TriGranit twenty 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" while its CEO, Árpád Török, said that "TPG Real Estate's expertise and global presence makes it the ideal partner to further strengthen and expand our business through the development and management of office and retail projects in key strategic locations, as well as through strategic acquisitions in the future. I look forward to working with TPG Real Estate to achieve TriGranit's next successful chapter of growth."
The impending business between the two companies brought good news for both parties. TPG Real Estate's Anand Tejani said that "TriGranit is an excellent business with a strong track record. Its highly experienced management team with deep local market knowledge and a high-quality real estate portfolio position the company well for future growth. With the favorable 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. We look forward to working together with the TriGranit management team to continue to grow the business."
According to reuters.com, both companies will finalize the financial and legal transactions by September and the acquisition will be completed by the end of the year. TriGranit and its assets are said to be worth more than 500 million euros or a total of $547.95 million.
