TPG has acquired Intervest Offices & Warehouses

TPG has successfully completed a takeover bid in cash for all shares issued by Belgium-based real estate firm Intervest Offices & Warehouses. Intervest delisted from Euronext Brussels on 25 April 2024.

TPG is a leading global alternative asset management firm founded in San Francisco in 1992, with US$222 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate and market solutions, and its unique strategy is driven by collaboration, innovation and inclusion.

TPG Real Estate Partners (TREP) is TPG’s dedicated equity real estate investment platform. TREP has invested and committed approximately US$10 billion of equity in real estate investments since inception in 2009 across 59 investments in the USA and Europe. Building on its expertise in corporate private equity, TREP has a specific preference and ability to invest in real estate operating platforms or seed portfolios which provide it with opportunities to build scale companies.

Intervest Offices & Warehouses, headquartered in Antwerp, Belgium, is active in the logistics buildings market in Belgium and the Netherlands as well as in the offices market in Belgium. The company has a solid growth plan focused on investments in the logistics portfolio, partly driven by asset rotation. Investments are focused on up-to-date buildings and sustainable (re)development projects located in strategic locations with an eye on cluster formation, and is aimed at first-rate tenants. The logistics segment of the portfolio in Belgium is located around the axes Antwerp—Brussels—Nivelles, Antwerp—Limburg—Liège and Antwerp—Ghent—Bruges, while in the Netherlands it is around the axes Moerdijk—Hertogenbosch—Nijmegen, Rotterdam—Gorinchem—Nijmegen and Bergen-op-Zoom—Eindhoven—Venlo. The office segment of the real estate portfolio focuses on the cities with an important student population of Antwerp, Mechelen, Brussels and Leuven and their surroundings.

Oaklins’ team Belgium is proud to have acted as advisor to the bidder TPG throughout the transaction.