National Australia Bank Asset Management has acquired a majority stake in U.K. commercial real estate manager Orchard Street Investment Management, said a spokeswoman for Orchard Street.
She declined to disclose both the size of NAB's stake in the firm and the acquisition price. The remaining minority holding stays with the existing partners.
Orchard Street, which has £4 billion ($6.4 billion) in assets under management, will continue to focus on U.K. and international institutional clients. The spokeswoman said it is business as usual for the seven Orchard Street partners, who will remain with the firm.
NAB Asset Management brings “significant investment expertise, a strong balance sheet and are a strong cultural fit for our business,” said Chris Bartram, chairman of Orchard Street, in a statement.
“We have been looking for an opportunity to provide our clients with access to this asset class and are delighted to announce this partnership with Orchard Street,” said Garry Mulcahy, executive general manager at NAB Asset Management, in the same statement. “The partnership is consistent with our strategy of identifying and partnering with the best investment talent from around the world.”
A spokeswoman for NAB Asset Management could not be reached for comment by press time.
