Texas-based TPG Capital has become the latest private equity firm to target Britain’s property market, launching a €900m ($1.1bn) joint venture, as it bids to take advantage of domestic banks' efforts to trim their exposures to real estate.

TPG will form a venture with development and investment company Green Property that will target commercial real estate in the UK and Ireland. The move, which marks TPG's first foray into European property, comes four days after mid-market firm Graphite Capital said it would invest £100m (€120m) in a London house-builder.