A real estate investment company focusing on the Central Europe area, Revetas, recently bought the Budapest located integrated real estate concern TriGranit from TPG Real Estate, a platform all about worldwide real estate private firm TPG.
Revetas acquired TriGranit in conjunction with funds managed by Goldman Sachs Asset Management. The terms of the transaction were not disclosed by the parties.
TriGranit has more than 173,000 square meters of gross leasable area in Class A office buildings in Central and Eastern Europe, according to state news wire MTI. It also has permits for three Class A office developments. Two buildings in these developments, building H of the Bonarka for Business (B4B) office complex in Kraków and the Millennium Gardens office building in Budapest, are already under construction, and a further building at the site in Kraków and the Silesia Towers in Katowice are expected to launch in the near future.
The total value of assets, together with gross development value, exceeds $520 million, an online news portal recently reported. The TriGranit management team is expected to remain in place under the leadership of CEO Árpád Török, it added.
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