TPG Real Estate acquires TriGranit

TPG Real Estate has agreed to purchase TriGranit, a Hungarian real estate developer and manager, according to a statement. TPG Real Estate will acquire TriGranit’s development and management platform as well as €500 million ($548 million) worth of commercial property assets in Central and Eastern Europe. The deal is expected to close before the end of 2015.

“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, in a statement.

TPG is no stranger to Central European real estate; in 2013, the investment firm