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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Non-controlling interest in AREA Property Partners
  • National Australia Bank Ltd
  • Real Estate Managers
  • March 9, 2011
  • $14.2 Billion

Seller Details

AREA Property Partners, formerly known as Apollo Real Estate Advisors, is a leading international real estate investor and fund manager on behalf of prominent government and corporate pension funds, sovereign wealth funds, insurance companies, foundations, endowments, and high net worth individuals. Since the firm’s founding in 1993, AREA Property Partners has overseen the establishment of multiple real estate funds and joint ventures totaling $13 billion in equity commitments for investments in the United States, Europe and Asia. Its funds have collectively invested in over 500 transactions with an aggregated value in excess of $60 billion. Headquartered in New York, the firm has offices in Atlanta, Los Angeles, San Francisco, London, Paris, Luxembourg and Mumbai. AREA’s funds target a broad range of opportunistic, value-added and debt investments in real estate assets and portfolios throughout North America, Europe, and India.

Buyer Details

National Australia Bank Ltd (NAB) is an international financial services organization and one of Australia’s largest listed institutions.  nabInvest is NAB's direct investment management business.  nabInvest partners with quality investment management firms, enhancing their capabilities with the support of the NAB Group’s resources. This can include back office support and assistance with product and distribution services along with custody and corporate governance functions. nabInvest’s business partners are Cambridge Industrial Trust Management, Lodestar Capital Partners, Fairview Equity Partners, Pengana Capital, Northward Capital, Presima Inc. and Wiltshire Capital, as well as the Antares Capital and MLC Private Equity businesses.

Transaction Summary

AREA Property Partners (AREA), a leading global real estate investor and fund manager, announced the formation of a strategic partnership with National Australia Bank Ltd (NAB), an international financial services organization and one of Australia’s largest listed institutions. As part of this new partnership, NAB has acquired a 35% minority, non-controlling interest in AREA. AREA Senior Management, led by Chairman William Mack and Global CEO Lee Neibart, will continue to lead the business and its investment committees. 

For AREA, founded in 1993, this partnership will enhance its global distribution capabilities and facilitate the growth of the firm’s product offerings and best-in-class team.  AREA will continue to operate under its existing leadership, with management maintaining full discretion over all investment decisions. Through its relationship with AREA, NAB’s direct asset management group, nabInvest, will fulfill its goal of adding a global real estate investment manager to its platform.  Terms of the agreement were not disclosed.

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