Asana Partners and Norges Bank Investment Management (NBIM) have closed a partnership to form Asana Partners Strategic Partners I (APSP I), a new venture targeting high-quality core and core-plus neighborhood retail assets across the United States. The venture launched with an equity commitment of $500 million from NBIM.
Investment Focus and Strategy
APSP I will invest in and operate grocery-anchored centers, unanchored centers, street retail, and mixed-use assets. The focus is on properties in markets with attractive demographics, durable tenant demand, compelling consumer fundamentals, and opportunities for long-term value creation. The partnership's initial investment will be a 50 percent interest in a portfolio of premium, grocery-anchored centers in desirable growth markets.
Partnership Details
“We are honored to partner with NBIM, one of the world’s premier institutional investors,” said Reed Kracke, Partner at Asana Partners. “Forming APSP I reflects our shared conviction in the strength and resilience of neighborhood retail real estate and expands our existing capability to capitalize on attractive investment opportunities across the country.”
The strategic partnership is complementary to Asana Partners' existing core/core-plus investment vehicle, Asana Partners Select Fund.
About the Firms
Asana Partners is a retail real estate investment firm with more than $9 billion of neighborhood assets under management. The firm is active in growth markets throughout the United States and has offices in Charlotte, Atlanta, Boston, Columbia, Denver, Los Angeles, and New York.
Norges Bank Investment Management manages the Norwegian Government Pension Fund Global, with assets worth approximately 22,000 billion Norwegian kroner (around $2,200 billion US). The fund is invested in international equity and fixed-income markets, as well as real estate and renewable energy infrastructure.
Legal Advisors
King & Spalding LLP acted as legal advisor to Asana Partners. Clifford Chance acted as legal advisor to NBIM.
