Orchard Street Investment Management (“Orchard Street” or the “Company”), the UK specialist commercial property investment manager today announces a new strategic partnership (the “Partnership”) with NAB Asset Management, the global asset management business of National Australia Bank, one of Australia’s largest banks.
The strategic partnership unites Orchard Street and NAB Asset Management in an exclusive UK relationship, with NAB Asset Management acquiring a majority stake in Orchard Street from the existing partners. It also sees Orchard Street joining a stable of 12 other global asset managers at NAB who operate in all major asset classes.
The transaction provides Orchard Street with a new, long term and aligned partner supportive of its existing business focus of serving major UK and international institutional clients, whilst providingNAB Asset Managementwith a stake in a large established UK commercial property fund manager which has grown its assets under management from £800 million to circa £4 billion over the past ten years.
Following the transaction, the day-to-day management of Orchard Street remains unchanged, with the existing Orchard Street partnership comprising Chris Bartram, Philip Gadsden, David Lee, Gary Felce, John Humberstone, Phillip Rodger and Barney Rowe continuing to manage client relationships. Chris Bartram will remain as Chairman of the combined entity and Philip Gadsden will continue in his role as Managing Partner and will head the senior management committee.
Commenting on the announcement, Chris Bartram, Chairman of Orchard Street, said:
“We are very pleased to welcomeNAB Asset Managementas a new partner as we celebrate our tenth year of operation. They bring with them significant investment expertise, a strong balance sheet and are a strong cultural fit for our business. We look forward to working with them as we continue with our steady path to growth by winning new mandates and growing AUM on behalf of our existing long term clients.”
Also commenting, Garry Mulcahy, Executive General Manager of NAB Asset Management said:“We have been looking for an opportunity to provide our clients with access to this asset class and are delighted to announce this partnership with Orchard Street.
“The partnership is consistent with our strategy of identifying and partnering with the best investment talent from around the world.”
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.