Almanac Commits $250M to AmCap’s Necessity Retail Expansion
Almanac Realty Investors has committed $250 million in growth capital to AmCap Ventures, backing an expansion of the real estate operator’s grocery-anchored and necessity-based retail strategy across major U.S. metropolitan markets.
The commitment is the first deployment from Almanac’s $1 billion Horizon Fund, a customized investment vehicle established with Australian Retirement Trust. Almanac, the private real estate arm of Neuberger, will also invest directly in AmCap’s operating business. AmCap will operate under the ACX name following the transaction, according to the announcement.
The Stamford, Connecticut-based company plans to target shopping centers in densely populated, supply-constrained markets with favorable demographics and barriers to new development.
“Their conviction in necessity retail mirrors our own, and we see significant opportunity to expand our footprint in the dense, supply-constrained markets that have defined our firm since 1979,” AmCap CEO Jake Bisenius said.
Alongside the investment, AmCap acquired eight open-air retail properties totaling approximately 771,000 square feet across California, Arizona, Colorado, Nevada, Oregon, Iowa and Kansas. The portfolio includes centers anchored by Whole Foods, Sprouts Farmers Market, Trader Joe’s and WinCo Foods.
The acquisition expands AmCap’s owned and operated portfolio to 32 properties totaling approximately 5 million square feet.
Horizon is structured as a fund-of-one targeting U.S. real estate operating companies within core and core-plus strategies. It represents Australian Retirement Trust’s first dedicated strategy focused exclusively on real estate operating companies. The superannuation fund wants operating-company structures to eventually account for 25% of its real estate portfolio.
Almanac has also supported ECI Group’s expansion with a commitment of up to $350 million. That backing includes ECI’s participation in the ApexOne-ECI Multifamily Fund VI, which launched in May with a $500 million equity target.
AmCap manages more than $1 billion in gross assets across 24 states and has completed approximately $3 billion of grocery-anchored transactions since its founding.
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