Neuberger Berman has boosted its real estate investment power by buying the former RE unit of Rothschild’s.
Almanac Realty Investors, which spun out as an independent business in 2007, has committed over $5.5bn of growth capital to 44 public and private real estate companies.
It partners with owners and operators with unique competitive advantage within their niches, across industrial, office, retail, multifamily, hotel and other sectors in North America.
Examples include Mack Real Estate Group, RXR Realty, CA Ventures, Slate Asset Management, ReNew Senior Living and Westcore Properties, among others.
The addition of Almanac deepens Neuberger Berman’s real estate solutions, including the Neuberger Berman Real Estate Fund, real estate private equity secondaries, and public and private mortgage credit.
Neuberger Berman CEO George Walker said, “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.”
Berkshire Global Advisors acted as financial advisor to Almanac Realty Investors on the transaction. Ardea Partners advised Neuberger Berman.
Last October NB subsidiary Dyal Capital Partners pulled more than $9bn for its fourth fund targeting stakes in private equity firms.
A few months earlier the firm brought its private credit funds under management to more than $4.2bn through the final close of its third private debt vehicle.
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