Overview
- Asana Partners and Norges Bank Investment Management formed Asana Partners Strategic Partners I with a $500 million equity commitment from Norges Bank to back U.S. neighborhood retail investments.
- The new vehicle’s first deal is a 50 percent stake in a portfolio of premium grocery-anchored centers, and the fund will target core/core+ grocery-anchored centers, unanchored centers, street retail, and mixed-use assets.
- Asana Partners, which manages more than $9 billion in neighborhood assets, will operate the platform while King & Spalding advised Asana and Clifford Chance advised Norges Bank on the transaction.
- Norges Bank’s commitment furthers its recent strategy to increase real estate exposure through larger platform and fund investments and follows other grocery-anchored retail moves by the sovereign manager.
- Neither party disclosed the specific properties in the initial portfolio, a choice that limits public detail even as the deal signals continued institutional demand for necessity-based retail seen as stable for tenants and income.