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 on June 18 that it had acquired TriGranit from TPG Real Estate, the real estate platform of global alternative asset firm TPG. The financial terms of the transaction were not disclosed.
TriGranit’s high-quality portfolio of CEE assets comprises a total gross leasable area (GLA) of over 173,000 sq m, made up of Class A office buildings fully leased to a number of high-quality international tenants, and three Class A permitted office development projects. The total asset value, including gross development value, exceeds 450 million euros. 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, said: “This 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.”
“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,” added Michael Abel, partner at TPG Real Estate.”
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 (pictured above), and Lakeside Offices in Slovakia.
