TriGranit is held by Demjan Sandor, one of Hungary’s wealthiest businessmen.
The transaction targets TriGranit’s operations in Poland and Slovakia, as well as several projects in Hungary and Croatia, namely, the TriGranit Platform, according to portfolio.hu. Following the acquisition, TPG plans to create the largest investment, development and management company in the region.
Following the sale, Sandor will keep a part of the old company which will operate under the name of Granit Management.
The sale price, which has not been disclosed, reportedly exceeds EUR500 million, according to portfolio.hu. The transaction is expected to be completed In October.
Granit Management will continue its development, both in Hungary and in the region, although its capital is lower than TPG’s. Negotiations for the sale of TriGranit took more than a year.
Sandor Demjan fully acquired in 2013 the shopping mall Atrium Center in Arad (western Romania), developed by Atrium Centers, run by Michael Israeli.
TriGranit has been involved in several real estate projects in Romania during the market’s boom years, including the development of the shopping mall Maritimo in Constanta (which was finalized by Austria’s Immofinanz). However, its biggest project proposed in Romania was the Esplanada city center on Bucharest’s Unirii Boulevard, a public-private partnership which was not longer put in motion.