Almanac Realty Investors has allocated an additional $300m (€276m) to US property investor CIP Real Estate for industrial investments in Southeast, Texas, West Coast, including Southern California.
The investment marks Almanac Realty’s second collaboration with CIP, following a $380m commitment in 2019 made by a prior Almanac Realty fund, the manager said.
David Haltiner, manager director at Almanac Realty, said: “Over the last four years we have experienced first-hand the quality of the CIP management team. CIP has proven its ability to acquire desirable assets at great bases and execute complex business plans within the small and mid-bay industrial sector.”
Eric Smyth, chief executive office of CIP Real Estate, said: “We greatly appreciate Almanac’s confidence in our firm to pursue an aggressive acquisition programme to basically double our portfolio in the next two to three years to more than $2.5bn.”
In June last year, the Neuberger Berman subsidiary raised $2.2bn for Almanac Realty Securities IX, a fund that provides growth capital for real estate operation companies and public real estate investment trusts.
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