Neuberger Berman has announced the acquisition of Almanac Realty Investors. The addition of Almanac deepens Neuberger Berman's real estate solutions, complementing public REIT strategies of $1.8bn, including the Neuberger Berman Real Estate fund, real estate private equity secondaries, and public and private mortgage credit.
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.