KKR and TIGA Investments have agreed to buy The Executive Centre (TEC), a provider of premium flexible office space solutions in Asia-Pacific and the Middle East.

TEC pulled a sale process, reportedly seeking up to US$750m (€) for the business, in September 2019 because offers then not up to its expectation at a time when Hong Kong was experiencing political unrest in Hong Kong.

HPEF Capital Partners, formerly HSBC Private Equity, is thought to own 70% of the company, while Luxembourg-based CVC Partners a further 20% with management holding the remaining 10%.

As part of the transaction, funds advised by HPEF and CVC Capital will exit their investments in TEC. Members of TEC’s management team will continue to own shares in the company.

Read more/Source: IPE Real Assets