Global investment manager Barings has signed a share sale agreement to acquire 100 per cent of Australian real estate firm Altis Property Partners.
The deal, which is expected to close next month, will see Barings add $6 billion in assets under management (AUM) along with 44 professionals with expertise in real estate equity.
“We’re excited to welcome Altis to our real estate platform as we strengthen our local investment capabilities in Australia and continue to expand our footprint in the region,” said Barings chairman and CEO Mike Freno.
“Asia Pacific makes up approximately a third of Barings’ third-party AUM and is expected to be a key driver of growth for us. Barings has successfully led private credit and real estate debt investments in Australia and we’re confident Altis will help us broaden our investment capabilities in the region
Barings manages US$349 billion in assets globally, including a total of US$48.9 billion in its real estate platform. The firm said that it had extensive experience and a strong track record of managing real estate investments across the US and Europe.
“This acquisition will help further build out our real estate platform in Asia Pacific, with a focus on Australia before expanding into other markets such as Japan and Korea over time,” said Barings head of Europe and APAC real estate Charles Weeks.
Altis Property Partners was originally founded in 2008 and has acquired and developed over $8 billion of real estate since its inception.
The independently owned firm has extensive experience and expertise in industrial, office, retail warehouse, residential and other specialist real estate sectors across the risk spectrum.
“We are pleased to join Barings, a company with a similar team-based approach, culture and investment philosophy,” said Altis executive director Alastair Wright.
“Altis has built a strong investment track record and solid relationships with our long-term clients. We will continue to execute on our existing strategies, delivering outstanding results for these clients, and we look forward to offering our investment solutions to a broader global client base.”
The executive directors and staff of Altis will remain with the firm following the acquisition, which is currently anticipated to be closed on 1 September.
