The acquisition of Altis, via a share sale agreement, will give Barings exposure to a large portfolio of industrial, office and residential projects.
The founders of $6 billion real estate platform Altis Property Partners are the latest to benefit from heady MA activity in the funds management sector, after selling their 14-year-old business to North Carolina-based global investment manager Barings.
Altis co-founders Paul Notaras, Shaun Hannah, Alastair Wright and Chris Packett, and Barings’ head of its international business Duncan Robertson, were unwilling to discuss the financial terms of the deal, but it likely to be in the hundreds of millions of dollars based on pre-tax profits of $65 million disclosed by Altis in its most recent financial accounts.
This will be comparatively small change for Barings, which manages a US$349 billion global investment portfolio, including US$48.9 billion of real estate debt and equity, and is a subsidiary of American life insurance giant MassMutual.
“We will continue to build the business and support it and let it continue to execute its value-add strategy in Australia,” he added.
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