Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, has agreed to acquire a passive, minority ownership stake in Dermody Properties, a diversified private equity investment management company focused exclusively on the national logistics real estate sector.
The investment should provide additional resources to Dermody Properties while having no impact on the day-to-day management, operations or business decision-making process, said a news release June 24.
Terms of the deal were not disclosed. A Neuberger Berman spokesperson declined to comment on when the deal is expected to close.
“Almanac’s permanent capital, deep real estate experience, and access to a range of global resources through Neuberger Berman will support the continued growth of Dermody and enhance our business platform for years to come,” said Michael C. Dermody, executive chairman at Dermody Properties, in the news release.
Founded in 1960, Reno, Nev.-based Dermody Properties has invested more than $10 billion of total capital across all platforms nationwide, having acquired and developed about 110 million square feet of logistics and industrial facilities, the release said.
Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market to accelerate company growth and has committed more than $8.3 billion in capital to 56 real estate companies, both private and public, throughout North America, the release added.
Neuberger Berman acquired Almanac on Feb. 3, 2020.
Neuberger Berman has $474 billion in assets under management across equity, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisers and individuals.
