TPG Real Estate, a San Francisco-based alternative asset management firm, was joined by three investment partners in acquiring ECHO Realty, an owner/operator of grocery-anchored retail real estate, in a transaction valued at approximately $2 billion.
Pittsburgh-headquartered ECHO owns and operates approximately 230 retail centers located across the Midwest and Southeast, anchored by major retailers including Giant Eagle, Publix, Harris Teeter Supermarkets, Safeway, ACME Markets, Whole Foods Markets, and Alimentation Couche-Tard (GetGo). ECHO’s integrated capabilities span the full retail property lifecycle, from acquisitions and development to leasing and property management. To date, ECHO has acquired and developed more than 16 million square feet of neighborhood and regional centers.
The companies said they will partner to scale ECHO’s business across existing and new markets, advancing acquisition initiatives while further strengthening leasing and property management capabilities.
Jacob Muller, partner at TPG, stated, “We are excited to partner with ECHO’s talented management team, as well as PSP Investments, La Caisse, and Norges Bank Investment Management, to grow the ECHO platform, enhance its integrated development and operating capabilities, and deliver expanded, localized shopping offerings in markets across the US.”
“Our more than two decades of building and operating neighborhood, necessity-based shopping destinations demonstrate the enduring demand for grocery-anchored retail close to home,” said Thomas Karet, founder and CEO of ECHO. “With TPG’s investment and business building expertise, we are confident ECHO is well-positioned to capitalize on demand for necessity-based shopping in key, high-performing markets. Together, we look forward to expanding our platform and continuing to deliver first-class experiences for shoppers and retailers.”
0 Comments