TPG Real Estate is buying central European office and retail developer TriGranit.
The US private equity company will commit additional capital to strengthen the balance sheet and expand the business.
TPG will also buy TriGranit’s asset management platform as well as a portfolio of assets in Poland.
TriGranit’s WestEnd City Center in Budapest is not included in the transaction.
TriGranit’s existing management team will remain in place.
Anand Tejani, partner at TPG Real Estate, said there are “a number of opportunities to expand the TriGranit platform” due to “favourable macro and real estate trends in the region”.
TriGranit is currently owned by Sándor Demján, Sándor Csányi, Peter Munk, and Vienna-listed Immofinanz.
The stakes of Peter Munk and Immofinanz will be sold to Demján and Csányi as part of the deal.
Completion of the deal is expected by the end of the year.