Key facts
- Norges Bank Investment Management invested $500 million with Asana Partners.
- The investment focuses on U.S. neighborhood retail assets.
- A new fund, Asana Partners Strategic Partners I, has been established.
- The partnership will target grocery-anchored centers, street retail, and mixed-use properties.
- This move aligns with Norges' strategy to diversify its real estate portfolio.
Norway’s sovereign wealth fund, Norges Bank Investment Management, is increasing its investment in U.S. retail real estate by committing $500 million to Asana Partners. This strategic partnership aims to acquire high-quality neighborhood retail assets, including grocery-anchored centers, street retail, and mixed-use properties.
The newly formed fund, Asana Partners Strategic Partners I (APSP I), will hold these investments. Asana Partners, which manages over $9 billion in assets, expressed confidence in the resilience of neighborhood retail real estate.
While specific properties were not disclosed, Asana's existing portfolio spans 10.3 million square feet across 25 cities. The firm recently acquired a shopping center in Huntington Beach, California, for $151 million and The Arboretum retail center in Austin.
This investment aligns with Norges' broader strategy to diversify its global real estate holdings, with plans to allocate up to 7% of its capital to real estate and a significant portion to North America. The move follows a period where Norges' real estate investments underperformed its equity and bond holdings. Previously, Norges partnered with TPG, PSP Investments, and La Caisse to acquire Echo Realty and its 230 retail centers for approximately $2 billion.