TPG-Led Investor Group Acquires ECHO Realty in $2B Deal

A TPG Real Estate-led group has acquired ECHO Realty, a full-service owner and operator of grocery-anchored retail real estate, in a transaction valued at approximately $2 billion. The transaction was led by TPG in partnership with PSP Investments, La Caisse and Norges Bank Investment Management.

ECHO owns and operates approximately 230 retail centers located across key Midwest and Southeast U.S. markets, anchored by grocery and convenience stores leased to Giant Eagle, Publix, Harris Teeter Supermarkets, Safeway, ACME Markets, Whole Foods Markets and Alimentation Couche-Tard (GetGo). The TPG-led investor group will partner with ECHO’s management team to scale the business across existing and new markets.

“Our partnership reflects TPG’s long-term thematic focus on resilient and sustainable sectors like grocery-anchored retail,” said Jacob Muller, partner at TPG. “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 U.S.”

Eastdil Secured and BMO Capital Markets acted as financial advisors to TPG, with Eastdil Secured also acting as debt placement agent. Kirkland & Ellis LLP acted as legal counsel to TPG. BofA Securities acted as exclusive financial advisor to ECHO, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to the company, alongside Sterlington PLLC, which acted as legal counsel to ECHO management.

Pictured; ECHO Realty’s Camp Horne Giant Eagle in Pittsburgh.