|
Laxman Pai, Opalesque Asia: New York-headquartered investment management company Neuberger Berman has acquired 100% of real estate manager Almanac Realty Investors in its biggest acquisition to date.
Almanac has $4 billion in assets under management, said a press release from Neuberger Berman, which has $356 billion in total AUM.
The addition of Almanac deepens Neuberger Berman's real estate solutions, complementing public REIT strategies of $1.8 billion, including the Neuberger Berman Real Estate Fund, real estate private equity secondaries, and public and private mortgage credit.
The terms of the deal are not being disclosed. The transaction closed Jan. 31
Almanac was formed in 1981 as the real estate and advisory business of Rothschild North America and spun out as an independent firm in 2007.
"Private real estate is an important asset class. We've looked for a decade for the right partner here and are thrilled with the outcome. We respect the Almanac team deeply as investors, fiduciaries, and professionals and welcome them to our firm," said George Walker, CEO, Neuberger Berman.
Almanac's primary strategy is to make investments in independent real estate firms seeking capital to fuel further growth. It has committed over $5.5 billion of growth capital to 44 public and private real estate companies, partnering with established, mid-sized owners and operators of real estate within their niches across industrial, office, retail, multifamily, ho...................... To view our full article Click here
|
RSS
