Global private equity firm TPG Capital and Green Property have formed a joint venture to invest up to EUR 900 mln of debt and equity in real estate assets in the UK and Ireland.
Global private equity firm TPG Capital and Green Property have formed a joint venture to invest up to EUR 900 mln of debt and equity in real estate assets in the UK and Ireland.
Stephen Vernon, chairman of Green Property, will serve as chairman and Pat Gunne, managing director of Green Property, will serve as CEO of the newly formed entity, Green TPG Partners.
Green Property and TPG will have equal representation on the board of directors.
Green TPG Partners will target commercial real estate opportunities in the UK and Ireland and will actively seek to partner with government agencies and financial institutions to help manage their exposure to the sector.
Stephen Vernon said: 'At Green we have a long proven track record in acquiring, managing, and selling assets in order to maximise shareholder value. We believe that the current economic climate represents both a challenging operating environment within the real estate sector, but also a time of opportunity given the extent of the dislocation.'
'In TPG we have found an ideal partner with its global network and investment experience which we feel gives us a competitive advantage in securing top property opportunities in our target markets,' he added.
TPG's senior partners have experience in real estate investing and the turnaround of distressed assets dating back to the early 1990s.
