NAB Asset Management, the asset management arm of National Australia Bank, has acquired a majority stake in UK property manager Orchard Street in a move aimed at giving it exposure to the UK real estate market.
NAB Asset Management, the asset management arm of National Australia Bank, has acquired a majority stake in UK property manager Orchard Street in a move aimed at giving it exposure to the UK real estate market.
Financial details were not disclosed.
The two parties said the tie-up is beneficial to both sides, with Orchard Street gaining a long-term and aligned partner, while NAB Asset Management will tap into Orchard Street’s UK business which has grown its assets under management from £800 mln to around £4 bn over the past 10 years. The deal also sees Orchard Street joining a stable of 12 other global asset managers at NAB who operate in all major asset classes.
The day-to-day management of Orchard Street will remain unchanged following the transaction. Chris Bartram will remain chairman of the combined entity and Philip Gadsden will continue in his role as managing partner and head the senior management committee.
Commenting on the tie-up, Bartram said: ‘We are very pleased to welcome NAB Asset Management as a new partner as we celebrate our tenth year of operation. They bring with them significant investment expertise, a strong balance sheet and are a strong cultural fit for our business.’
NAB Asset Management’s executive general manager, Garry Mulcahy, said: ‘We have been looking for an opportunity to provide our clients with access to this asset class and are delighted to announce this partnership with Orchard Street.
‘The partnership is consistent with our strategy of identifying and partnering with the best investment talent from around the world.’