Updated with correction
Neuberger Berman has acquired 100% of real estate manager Almanac Realty Investors in its biggest acquisition to date, spokesman Alexander Samuelson said in an email.
Almanac has $4 billion in assets under management. Neuberger Berman has $1.8 billion in public real estate investment trust strategies, along with additional real estate investments on the secondary market and mortgage credits.
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. Almanac primarily invests in public and private real estate companies.
The acquisition of Almanac adds private real estate to Neuberger Berman's suite of offerings.
All 32 Almanac employees are now employed by Neuberger Berman. Almanac will operate as a distinct investment business at Neuberger Berman. The Almanac 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. David Haltiner, a managing director, will join Almanac's investment committee.
Neuberger Berman had $356 billion in total AUM as of Dec. 31.
