Barings, one of the world’s leading investment managers, today announced the signing of a share sale agreement to acquire 100% of Altis Property Partners (Altis), a leading real estate firm based in Australia. The parties expect to close the transaction on September 1, 2022.
Altis Property Partners was formed in 2008 by Paul Notaras, Shaun Hannah, Alastair Wright and Chris Packett. With extensive experience and expertise in industrial, office, retail warehouse, residential across the risk spectrum, the Group has acquired and developed over A$8bn of real estate with current assets under management of A$6.079bn.
Mike Freno, Barings Chairman and CEO said, “We’re excited to welcome Altis to our real estate platform as we strengthen our local investment capabilities in Australia and continue to expand our footprint in the region. Asia Pacific makes up approximately a third of Barings’ third-party AUM and is expected to be a key driver of growth for us. Barings has successfully led private credit and real estate debt investments in Australia and we’re confident Altis will help us broaden our investment capabilities in the region.”
With over 200 investment professionals across 16 offices in 9 countries, Barings has extensive experience and a strong track record of managing real estate investments in the U.S. and Europe. Barings’ global real estate platform provides a broad spectrum of solutions across real estate debt and equity, managing total AUM of US$ 48.9 billion .
Upon closing, Barings will add 44 professionals, primarily focused on value-add strategies that complement Barings’ real estate debt team in Australia. Altis’ executive directors and staff will remain with the firm following the acquisition.
Charles Weeks, Barings Head of Europe and APAC Real Estate, said. “Barings has a well established real estate platform across the U.S. and Europe with expertise in core and valueadd investments based on our research-driven and local on the ground presence. This acquisition will help further build out our real estate platform in Asia Pacific, with a focus on Australia before expanding into other markets such as Japan and Korea over time.”
Alastair Wright, Executive Director of Altis said. “We are pleased to join Barings, a company with a similar team-based approach, culture and investment philosophy. Altis has built a strong investment track record and solid relationships with our long-term clients. We will continue to execute on our existing strategies, delivering outstanding results for these clients, and we look forward to offering our investment solutions to a broader global client base.”
Altis have had a long standing relationship with Aware Super, effectively accessing over $1.8bn of real estate investment opportunities on a low fee basis. Aware Super recently established Aware Real Estate in partnership with Altis Property Partners to effectively bring in house the management of its Real Estate holdings. Under the arrangement, Altis will continue to originate investment opportunities for Aware Real Estate and other investors, however the model going forward with Aware Real Estate is likely to be one of co-ownership than of management.
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