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Hungarian TriGranit sells large portion of property portfolio to TPG Real Estate

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TPG Real Estate, the real estate platform of  global private investment firm TPG, reached an agreement to purchase TriGranit, one of Europe’s largest, privately owned developers and managers of  retail and office assets, TPG announced today.

A press release revealed that as part of the acquisition, TPG Real Estate intends to commit additional capital to fund future growth and to strengthen TriGranit’s balance sheet to create a leading real estate investment, development and management platform in central Europe.

The agreement reportedly stipulates that TPG Real Estate will acquire TriGranit’s development and asset management platform as well as a portfolio of high-quality assets located primarily in Poland. TriGranit’s existing management team will remain in place.

Certain assets, the WestEnd City Center in Budapest, and some other TriGranit related  projects have been carved out of this transaction, the announcement noted. The company managing and supervising  these projects will continue its operations under the name Gránit Management, it added.

TriGranit is currently owned by Sándor Demján, Sándor Csányi, Peter Munk, and Vienna Stock  Exchange listed Immofinanz AG. Upon completion of the transaction, Sándor Demján and Sándor Csányi will acquire the shares of Peter Munk and Immofinanz AG.

The transaction is expected to be wound up by the end of 2015. The announcement did not disclose additional terms of the transaction.

“We founded TriGranit twenty years ago and it has grown into the region’s leading real estate company,” said Sándor Demján, the Founder and Chairman of TriGranit. “I believe TPG Real Estate is the perfect buyer, as its extensive experience can carry on the TriGranit legacy. It is a great honor that one of the world’s largest investors has selected our company and its management in Europe.”

“TPG Real Estate’s expertise and global presence makes it the ideal partner to further strengthen and expand our business through the development and management of office and retail projects in key strategic locations, as well as through strategic acquisitions in the future,” said Árpád Török, CEO of TriGranit. “I look forward to working with TPG Real Estate to achieve TriGranit’s next successful chapter of growth.”

“TriGranit is an excellent business with a strong track record. Its highly experienced management team with deep local market knowledge and a high-quality real estate portfolio position the company well for future growth,” said Anand Tejani of TPG Real Estate. “With the favorable macro and real estate trends in the region, coupled with TPG Real Estate’s  expertise and financial resources, we see a number of opportunities to expand the TriGranit  platform. We look forward to working together with the TriGranit management team to continue to grow the business.”

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