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TPG Real Estate has acquired ECHO Realty, a full-service owner and operator of grocery-anchored shopping centres, in a transaction valued at approximately $2 billion. TPG led the deal alongside global investment groups including Public Sector Pension Investment Board, Caisse de dépôt et placement du Québec, and Norges Bank Investment Management. ECHO Realty specialises in high-quality grocery-anchored retail properties. The acquisition demonstrates continued institutional investor interest in retail real estate assets anchored by essential services.

TPG-Led investor group acquires grocery-anchored retail leader ECHO Realty. Investments from PSP Investments, La Caisse, and Norges Bank Investment Management will support TPG's acquisition and future platform growth. Pittsburgh, PA. (June 5, 2026) - TPG Real Estate ("TPG") today announced the acquisition of ECHO Realty ("ECHO"), a full-service owner and operator of best-in-class grocery-anchored retail real estate, in a transaction valued at approximately $2 billion. The transaction 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 retail centers located across key Midwest and Southeast U.S. markets, anchored by grocery and convenience stores with premier tenant relationships, including Giant Eagle, Publix, Harris Teeter Supermarkets, Safeway, ACME Markets, Whole Foods Markets, and Alimentation Couche-Tard (GetGo). ECHO's integrated capabilities span the full retail property lifecycle, from acquisitions and development to leasing and property management. Since inception, the platform has acquired and developed more than 16 million square feet of neighborhood and regional centers, leveraging deep relationships with first-tier grocers and retailers to create high-performing shopping destinations and essential community hubs. "Our more than two decades of building and operating neighborhood, necessity-based shopping destinations demonstrate the enduring demand for grocery-anchored retail close to home," said Thomas Karet, Founder and Chief Executive Officer of ECHO. "With TPG's investment and business building expertise, we are confident ECHO is well-positioned to capitalize on demand for necessity-based shopping in key, high-performing markets. Together, we look forward to expanding our platform and continuing to deliver first-class experiences for shoppers and retailers." The TPG-led investor group will partner with ECHO's management team to scale the business across existing and new markets, advancing acquisition initiatives while further strengthening leasing and property management capabilities, as well as ECHO Retail, ECHO's boutique retail brokerage platform. "Our partnership reflects TPG's long-term thematic focus on resilient and sustainable sectors like grocery-anchored retail. 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.," said Jacob Muller, Partner at TPG. "Our Real Estate model is centered on forging partnerships with leading global operators and key strategic partners. This investment alongside TPG is a perfect example of our approach," said Simon Marc, Senior Vice President and Global Head of Private Equity and Real Estate Investments at PSP Investments. "The ECHO transaction allows us to deploy capital at scale in a high-quality, established platform, backing a sector of strong conviction. Grocery-anchored retail, underpinned by an essential-use tenant base, is a high-conviction opportunity that fits our long-term strategy." "This transaction reflects our continued focus on reinvesting our capital into resilient, needs-based segments that demonstrate sustained underlying demand and stability," said Rana Ghorayeb, Executive Vice-President and Head of Real Estate at La Caisse. "By partnering with TPG and other like-minded global institutional partners to acquire ECHO, we are strengthening our exposure to high-quality established platforms with attractive fundamentals, while enhancing the diversification of our portfolio." 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. About ECHO Realty Founded in 2000, ECHO Realty is a full-service owner and operator of commercial real estate. With a singular focus on grocery-anchored retail honed over more than a quarter of a century of experience, ECHO operates more than 230 centers across the United States and leverages deep relationships with grocers and retailers to cultivate high-performing shopping destinations. TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $306 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. Its teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for its 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 of net assets under management as of March 31, 2025. It manages a diversified global portfolio composed of investments in capital markets, private equity, real estate, infrastructure, natural resources, and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal public service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow Investpsp on LinkedIn. About La Caisse For more than 60 years, La Caisse has invested with a dual mandate: generate optimal long-term returns for its 48 depositors, who represent over six million Quebecers, while contributing to Québec's economic development. As a global investment group, La Caisse is active in major financial markets, private equity, infrastructure, real estate and private credit. As at December 31, 2025, its net assets totalled CAD 517 billion. Learn more at LaCaisse.com, LinkedIn and Instagram. La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries. About Norges Bank Investment Management Norges Bank Investment Management manages the Norwegian Government Pension Fund Global. With assets worth approximately 21,000 billion Norwegian kroner (around 2,100 billion US dollars), the fund is invested in international equity and fixed-income markets, as well as real estate and renewable energy infrastructure. Its purpose is to ensure responsible, long-term management of revenues from Norway's oil and gas resources so that this wealth benefits both current and future generations. It seeks to achieve the highest possible return in a safe, efficient, responsible and transparent manner, within government guidelines. Media contacts Courtney Power ECHO Realty Laura Wenger PSP Investments

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