A $1bn (€867m) partnership between Almanac Realty Investors and Australian Retirement Trust (ART) focused on US real estate operating companies has made its first capital deployment, providing $250m of growth capital to AmCap Ventures.
The investment, which is being made through the Horizon Fund, is intended to accelerate AmCap’s strategy of acquiring grocery-anchored and necessity retail assets in major US metropolitan markets.
The Horizon Fund, set up jointly by Almanac and the Australian superannuation fund last year, is designed to take flexible majority or minority positions in established operating partners requiring capital to scale their platforms.
AmCap, which was established in Stamford, Connecticut in 1979, will change its name to ACX.
At the same time, AmCap acquired a portfolio of eight open-air retail assets totalling roughly 771,000sqft across California, Arizona, Colorado, Nevada, Oregon, Iowa and Kansas, expanding its portfolio to 32 properties totalling approximately 5m sqft.
Jake Bisenius, CEO of AmCap, said: “We are pleased to partner with Almanac and ART on the inaugural Horizon investment. Their conviction in necessity retail mirrors our own, and we see significant opportunity to expand our footprint in the dense, supply-constrained markets that have defined our firm since 1979.”
Justin Hakimian, managing director at Almanac, said: “AmCap is a seasoned, operationally-driven real estate platform with a demonstrated track record of acquiring and operating retail assets across high-growth US markets.
“Under the leadership of Jake Bisenius and team, the company is well positioned to execute on an attractive pipeline of acquisitions where hands-on management and leasing capabilities will drive outsized risk-adjusted returns.”
Michael Weaver, general manager for mid-risk assets at ART, said: “We welcome this investment in AmCap, a specialist US retail real estate operating platform with an established track record in grocery-anchored and necessity-based retail.
“This investment provides ART members with exposure to a sector supported by resilient consumer demand, limited new supply and experienced local operating capability, and reflects our long-term strategy of partnering with experienced operators in sectors with strong underlying fundamentals.”
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