Revetas, together with funds managed by Goldman Sachs Asset Management, has acquired a portfolio of Central and Eastern European office assets and office development projects from TPG Real Estate.
The specialist real estate investor said it bought TriGranit with Goldman Sachs’ vintage funds for an undisclosed sum.
TriGranit’s portfolio of Central and Eastern European assets comprises a total gross leasable area of over 173,000sqm, made up of office buildings fully leased to multiple tenants, and three permitted office development projects. Revetas said the total asset value, including gross development value, exceeds €450m.
Two of the 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.
Eric Assimakopoulos, a managing partner at Revetas, said: “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.”