Almanac Realty Takes Minority Ownership in Dermody Properties
Almanac Realty Investors, the private real estate arm of Neuberger Berman, has agreed to take a minority ownership in Dermody Properties, a private equity investment management company focused on the national logistics real estate sector.
The strategic investment should provide additional resources to Dermody Properties while having no impact on the day-to-day management, operations or business decision-making process, according to Almanac.
Dermody focuses on the acquisition and development of logistics real estate in strategic locations for e-commerce fulfillment centers, third-party logistics and distribution customers. The firm will use the partnership for continued investment in the growth of its logistics strategies and a focus on attracting, retaining and growing the firm’s talent.
“We believe that Almanac will be an excellent strategic partner for Dermody Properties,” said Michael C. Dermody, executive chairman. “Almanac’s permanent capital, deep real estate experience, and access to a range of global resources through Neuberger Berman will support the continued growth of Dermody and enhance our business platform for years to come.”
Founded in 1960 and headquartered in Reno, NV, Dermody Properties has invested more than $10 billion across all platforms nationwide, having acquired and developed approximately 110 million square feet of logistics and industrial facilities.
Almanac has committed more than $8.3 billion to 56 real estate companies, both private and public, since its founding in 1981.