Norges Bank Investment Management (NBIM) has formed a new US retail real estate partnership with Asana Partners, committing $500m (€437m) to the venture.
The asset manager of Norway’s NOK22trn (€2trn) sovereign wealth fund has taken a 49% stake in Asana Partners Strategic Partners I (APSP I), which will invest in and operate core and core-plus neighbourhood retail property across the US.
The venture, which will target open-air shopping centres and street retail in high-growth markets, is acquiring a 50% stake in a portfolio of premium, grocery-anchored centres as its first investment.
Reed Kracke, partner at Asana Partners, said: “We are honoured to partner with NBIM, one of the world’s premier institutional investors.
“Forming APSP I reflects our shared conviction in the strength and resilience of neighbourhood retail real estate and expands our existing capability to capitalise on attractive investment opportunities across the country.”
Asana Partners said the partnership was “complementary” to Asana Partners Select Fund, the firm’s existing core and core-plus real estate vehicle.
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