TPG Real Estate, alongside PSP Investments, La Caisse, and Norges Bank Investment Management, has acquired ECHO Realty, a U.S. grocery-anchored retail real estate owner and operator, in a transaction valued at approximately $2 billion.
The investor group will partner with ECHO’s management team to expand the platform across existing and new markets, supporting acquisition activity while enhancing leasing, property management, and brokerage capabilities. ECHO Realty is a full-service owner and operator of grocery-anchored retail real estate, with a portfolio of approximately 230 shopping centers across key midwest and southeast U.S. markets. Since its founding, ECHO has acquired and developed more than 16 million square feet of neighborhood and regional retail centers and provides integrated capabilities spanning acquisitions, development, leasing, property management and retail brokerage services through ECHO Retail.
Eastdil Secured and BMO Capital Markets served as financial advisors to TPG, with Eastdil also acting as debt placement agent, while Kirkland & Ellis provided legal counsel. BofA Securities served as exclusive financial advisor to ECHO, with Skadden, Arps, Slate, Meagher & Flom acting as legal counsel to the company and Sterlington advising ECHO’s management team.