Neuberger Berman has expanded its real estate offerings with the acquisition of Almanac Realty Investors for an undisclosed sum.

The investment manager said it has bought the North American real estate investment manager in a deal which deepens Neuberger Berman’s real estate solutions and complements its public real estate investment trust strategies.

Almanac typically invests in independent real estate firms seeking capital to fuel further growth.

The company was founded in 1981 as Rothschild’s real estate unit and spun out in 2007 as an independent firm.

Neuberger said Almanac will operate as a distinct investment platform and will continue to be led by its managing partner, Matthew Kaplan, and its partners and investment committee members Pike Aloian, Justin Hakimian, Josh Overbay, and Andrew Silberstein.

Almanac’s investment committee will be expanded to include David Haltiner, a managing director who has been with Almanac since 2008, Neuberger said.

George Walker, CEO, Neuberger Berman, said: “Private real estate is an important asset class. We’ve looked for a decade for the right partner here and are thrilled with the outcome.

“We respect the Almanac team deeply as investors, fiduciaries and professionals and welcome them to our firm.”