Investor consortium led by TPG completes acquisition of ECHO Realty, strengthening its position in the supermarket-anchored shopping center sector.
TPG Real Estate (“TPG”) today announced the acquisition of ECHO Realty (“ECHO”), a full-service property owner and operator of high-quality shopping centers with supermarkets. The transaction, valued at approximately US$2 billion, was led by TPG in partnership with leading global investment groups, including PSP Investments, La Caisse, and Norges Bank Investment Management.
ECHO owns and operates approximately 230 shopping centers located in key markets across the Midwest and Southeast of the United States. Its primary tenants are supermarkets and convenience stores with whom it maintains strong relationships, including Giant Eagle, Publix, Harris Teeter Supermarkets, Safeway, ACME Markets, Whole Foods Markets, and Alimentation Couche-Tard (GetGo). ECHO’s integrated capabilities cover the entire commercial real estate lifecycle, from acquisitions and development to leasing and property management. Since its inception, the platform has acquired and developed over 16 million square feet of local and regional shopping center space, leveraging its close relationships with leading grocery and retailers to create high-performing shopping destinations and vital community hubs.
Our more than 20 years of experience building and operating local, convenience-focused shopping destinations reflect the continued demand for neighborhood shopping centers with a supermarket,” said Thomas Karet, founder and CEO of ECHO. “With TPG’s investment and retail development expertise, ECHO is well-positioned to meet the demand for essential products in key high-performing markets. Together, we aim to expand our platform and continue to deliver high-quality experiences for consumers and retailers.”
The investor group led by TPG will collaborate with ECHO’s management team to expand operations in existing and new markets, advancing acquisition initiatives and strengthening leasing, brokerage and property management capabilities, as well as consolidating ECHO Retail, ECHO’s platform specializing in retail brokerage.
Our partnership reflects TPG’s long-standing commitment to resilient and sustainable sectors, including shopping centers with a major supermarket tenant. We are pleased 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 and localized shopping offerings in multiple markets across the United States,” said Jacob Muller, Partner at TPG.
Our approach to real estate investment is based on developing partnerships with leading global operators and key strategic partners. This investment alongside TPG is a perfect example,” said Simon Marc, Senior Vice President and Global Head of Private Equity and Real Estate Investments at PSP Investments. “This transaction provides us with large-scale access to an established, high-quality platform, while supporting a sector in which we have strong conviction. Food retail, supported by a tenant base offering essential services, represents an opportunity that aligns with our long-term strategy.”
This transaction illustrates our commitment to reinvesting our capital in resilient segments focused on essential needs and driven by sustained demand,” said Rana Ghorayeb, Executive Vice-President and Head of Real Estate at La Caisse. We are delighted to partner with TPG and other leading institutional partners to acquire Echo Realty, which strengthens our presence in high-quality platforms with attractive fundamentals, while further diversifying our portfolio.”
Eastdil Secured and BMO Capital Markets acted as financial advisors to TPG, and Eastdil Secured also acted as placement agent for the debt securities. 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’s management.
About ECHO Realty:
Founded in 2000, ECHO Realty is a full-service owner and operator of commercial properties. With over a quarter-century of retail experience, primarily as a supermarket tenant, ECHO operates more than 230 centers across the United States and leverages close relationships with grocery stores and retailers to create high-performing shopping destinations.
About TPG:
Founded in San Francisco in 1992, TPG is one of the world’s leading alternative asset managers. It manages US$306 billion in assets and has investment and operations teams around the globe. TPG invests across five multi-strategy channels: private equity, impact, credit, real estate, and market solutions. Our unique strategy is based on collaboration, innovation, and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated ideas and deliver added value to our fund investors, portfolio companies, management teams, and communities.
About PSP Investments:
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investors, with $299.7 billion in net assets under management as of March 31, 2025. PSP Investments manages a diversified global portfolio of capital markets, private equity, real estate, infrastructure, natural resources, and debt investments. Established in 1999, PSP Investments manages and invests funds transferred to it by the federal government for the pension plans of the federal public service, the Canadian Armed Forces, the Royal Canadian Mounted Police, and the Reserve Force. PSP Investments’ head office is located in Ottawa, and its principal business office is in Montreal. It also has offices in New York, London, and Hong Kong.
About La Caisse:
For over 60 years, La Caisse has been investing with a dual mandate: to generate optimal long-term returns for its 48 depositors, representing over 6 million Quebecers, while contributing to Quebec’s economic development.
As a global investment group, La Caisse is active in major financial markets, private equity, infrastructure, real estate, and private debt. As of December 31, 2025, its net assets totaled CA$517 billion.
About Norges Bank Investment Management:
Norges Bank Investment Management manages the Norwegian Government Pension Fund Global. With assets of approximately NOK 21 trillion (approximately US$2.1 trillion), the fund invests in international equity and fixed-income markets, as well as real estate and renewable energy infrastructure. Its objective is to ensure the responsible and long-term management of revenues from Norway’s oil and gas resources, so that this wealth benefits current and future generations. It aims to achieve the highest possible return in a safe, efficient, responsible, and transparent manner, in accordance with government guidelines.
