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TPG Real Estate Partners (TREP), a real estate equity investment platform, announced on March 11, 2019 the closing of its latest opportunity fund, TPG Real Estate Partners III. The fund secured over $3.7 billion of capital commitments and was oversubscribed.
TREP invests in commercial and residential properties across the U.S. and Europe. Leveraging a thematic approach and operating capabilities, TREP partners with best-in-class management teams to create institutional portfolios of owned real estate across a wide range of property types.
“From self storage to senior living, we focus on building property-rich platforms in high-growth asset classes and markets, as well as in select areas of dislocation,” said Avi Banyasz, partner and co-head of TPG Real Estate. “Looking ahead, we will continue to execute our strategy of investing in real estate-intensive businesses, particularly in sectors where we believe we have proprietary insight and operational competitive advantages.”
“With the completion of the TPG Real Estate Partners III fundraise, we are well-capitalized to execute our distinctive investment strategy and continue building a differentiated investment portfolio,” said Kelvin Davis, founder and co-head of TPG Real Estate.
In October 2014, TPG announced the investment of $120 million into then Roseville, California-based LifeStorage. At the time of the investment, LifeStorage had 78 self storage facilities in nine states.
LifeStorage was the first and only investment in the self storage industry by TPG. Banyasz noted strong demand and industry fragmentation (consolidation) as attractive opportunities for its investment (acquisition) strategy. Less than two years later, Sovran Self Storage (Uncle Bob's Self Storage) acquired LifeStorage for $1.3 billion.
TREP has successfully invested over $5 billion of equity across 30 transactions to date. Since its inception, TREP has built a strong investment portfolio across a variety of thematic sectors and asset classes. Current and past investments include A&O Hotels and Hostels, Catellus, Enlivant, Evergreen Industrial Properties, Life Storage, P3 Logistic Parks, Taylor Morrison, and TriGranit.