US asset manager Barings has announced the acquisition of Altis Property Partners, an Australian real estate firm.
Barings has signed a share sale agreement to acquire 100 percent of Altis Property Partners, according to a statement, with expectations to close the transaction on September 1 this year. Altis executive directors and staff will remain with the firm following the acquisition while Barings will add 44 real estate staff and more than A$6 billion ($4.3 billion) in assets under management (AUM), primarily focused on value-add strategies that complement its real estate debt team in Australia.
As of March 31 this year, Barings’ global real estate platform managed a total of $48.9 billion in AUM.
Altis Property Partners
Altis was founded in 2008 as a private equity real estate investment company with expertise across industrial, office, retail warehouse, residential and other properties. Since its inception, Barings has acquired and developed over A$8bn of real estate.
«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 chief executive Mike Freno in the statement. «Asia Pacific makes up approximately a third of Barings’ third-party AUM and is expected to be a key driver of growth for us.»
