Australian Retirement Trust (ART) and Almanac Realty Investors are to invest $1bn (€960.7m) in core and core-plus real estate operating companies (REOC) across the US.
The $300bn Australian superannuation fund and Almanac venture will adopt a flexible investment strategy, considering both majority and minority stakes in REOC. They will also target minority investments in established firms needing capital for liquidity and growth.
Josh Overbay, partner at Almanac, said: “This new partnership with ART will allow us to expand the opportunity set of actionable investments with highly capable, proven management teams and platforms.
“ART is one of a growing list of large, sophisticated institutional investors increasingly leaning into real estate platform investing, and we’re excited to bring Almanac’s three decades of experience in this area to this new important relationship.”
Mark Lee, ART’s senior portfolio manager, head of real estate, said: “Australian Retirement Trust is pleased to partner with Almanac, which has a long track record of real estate investments in REOCs and we look forward to the partnership contributing to positive retirement outcomes for our almost 2.4 million members across Australia.”
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