TPG, the US private equity group, is forming a ?900m joint venture with Stephen Vernon, the British property entrepreneur.
TPG has teamed up with Green Property, the Dublin-based property company run by Mr Vernon, to invest as much as ?900m of debt and equity in UK and Irish real estate assets that they expect to become available soon. Mr Vernon will act as chairman of the new Green TPG Partners venture.
The venture aims to become a partner for UK banks looking to offload some of their £280bn of commercial real estate debt, of which about half is held by Royal Bank of Scotland and Lloyds Banking Group.
??We believe that the current economic climate represents both a challenging operating environment within the real estate sector, but also a time of opportunity given the extent of the dislocation,? said Mr Vernon.
