Almanac Realty Investors, the real estate investment business of Neuberger Berman Group, completed an agreement to acquire a minority stake in real estate investment and property management company Waterton.
Terms of the deal are not being disclosed, a Waterton spokeswoman said in an email. While she declined to provide an amount of the minority stake, sources familiar with the transaction said it is 20%.
The stake will have no effect on Waterton's day-to-day operations or management, a joint news release from the firms said.
Waterton "will leverage the capital partnership for continued investment in new business initiatives and the growth of its multifamily, single-family rental, seniors housing and hospitality strategies, as well as a focus on attracting, retaining and growing the firm's talent," according to the news release.
Neuberger Berman spokesman Alexander Samuelson confirmed the details of the news release.
Almanac Realty Investors has $6.9 billion in assets under management.