TPG REAL Estate is bolstering its presence in central Europe after agreeing to buy Hungary-based property developer TriGranit.
Founded in 1997 by Hungarian businessman Sandor Demjan, TriGranit is one of Europe’s largest privately-owned developers and managers of retail and office assets, with a focus on city centres.
Under the terms of the deal, TPG will acquire TriGranit’s asset management and development platform as well as a portfolio of assets located primarily in Poland, the companies said yesterday.
It will also commit extra capital into the business to fund its expansion and boost TriGranit’s balance sheet. The current management team led by Demjan, its chairman, will stay in place.