REAL ESTATE NEWS

Asana Partners has formed a joint venture with Norges Bank Investment Management to invest and manage national retail properties in the nation.

The new entity, Asana Partners Strategic Partners I, will start with $500 million in equity, coming from Norges Bank. The interest of this will include 50 percent in a portfolio that consists of grocery-anchored centers in what the two partners call "desirable growth markets."

The JV did not reveal the specific regions it will target. Through the new partnership, the focus will be on high-quality core and core+ neighborhood assets and spotting intriguing fundamentals such as high consumer interest, durable tenant demand, the ability to create long-term value and favorable demographics.

The move builds on Asana's Fund series, Asana Partners Select Fund. Also in 2022, the investment firm raised $1.5 billion through vehicle Asana Partners Fund III, targeting buying and repositioning mixed-use assets in or near urban areas.

"We are honored to partner with NBIM, one of the world's premier institutional investors," Reed Kracke, partner at Asana Partners, said in a statement.

"Forming APSP I reflects our shared conviction in the strength and resilience of neighborhood retail real estate and expands our existing capability to capitalize on attractive investment opportunities across the country."

Retail spending patterns currently tell us two things: Consumers are spending — but selectively. For example, in Colliers' latest retail foot traffic and sales report, volume increased by 5.2 percent in May year-over-year. However, much of the growth was fueled by inflation in gas prices, with more visits seen in clothing and discount and dollar stores, as well as music venues and theaters.

Source: GlobeSt/ALM