Neuberger Berman Adds Almanac Realty Investors
Firm Increases Real Estate Presence with Experienced Investment
February 3, 2020, New York, NY – Neuberger Berman, a private, independent, employee-owned investment manager, announced the acquisition of Almanac Realty Investors. 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.
Almanac was founded in 1981 as Rothschild's real estate unit and spun out in 2007 as an independent firm. 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 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. For a complete list, please visit www.almanacrealty.com.
Almanac will operate as a distinct investment platform at Neuberger Berman. The group will continue to be led by its Managing Partner, Matthew Kaplan, and its Partners and Investment Committee members Pike Aloian, Justin Hakimian, Josh Overbay, and Andrew Silberstein. Almanac's Investment Committee will be expanded to include David Haltiner, a Managing Director who has been with Almanac since 2008, and this group will continue as the investment decision-making body for the Almanac strategies. All employees are expected to join Neuberger Berman.
"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.
Matthew Kaplan, Managing Partner, Almanac, added: "This transaction represents the next step for our clients and our team. We are impressed by the culture of partnership at Neuberger Berman, and its singular focus on alignment with clients. Our team and clients will benefit from Neuberger's research resources, excellence in ESG and data science, client service capabilities and forward thinking.”
Berkshire Global Advisors acted as financial advisor to Almanac Realty Investors on the transaction. Ardea Partners advised Neuberger Berman. Terms are not disclosed.
About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman’s diverse team has 2,200 professionals. For six consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). The firm was awarded an A+ in every category in the latest 2019 PRI report for our approach to ESG integration across asset classes. The firm manages $356 billion in client assets as of December 31, 2019. For more information, please visit our website www.nb.com.
About Almanac Realty Investors
Since 1996, Almanac’s (together with its predecessor, Rothschild Realty, Inc.) primary activity has been making growth capital investments into private and public companies which own and operate real estate in North America. Almanac managed funds have committed over $5.5 billion to 44 companies. Almanac’s portfolio companies are structured to combine proven management teams within a specific real estate sector together with ownership of focused portfolios of real estate assets and interests. These companies are governed by a board of directors consisting primarily of representatives from the management teams and Almanac, with a focus on protecting and growing shareholder value, generating dividends, setting strategy, allocating capital and working with management to optimize resources. www.almanacrealty.com.
Alex Samuelson, 212 476 5392, Alexander.Samuelson@nb.com