Dermody Properties and Almanac Realty Investors Announce Strategic Minority Investment

Transaction marks the third minority GP stakes investment for the Almanac strategy and will support Dermody’s continued growth

June 24, 2024, New York, NY — Dermody Properties—a diversified private equity investment management company focused exclusively on the national logistics real estate sector— and Almanac Realty Investors (“Almanac”), the private real estate investment arm of Neuberger Berman, announced an agreement for Almanac to acquire a passive, minority ownership stake in Dermody Properties. The strategic investment should provide additional resources to Dermody Properties while having no impact on the day-to-day management, operations or business decision-making process.

Dermody Properties seeks to leverage the capital partnership for continued investment in the growth of its logistics strategies, as well as a focus on attracting, retaining, and growing the firm’s talent.

“We believe that Almanac will be an excellent strategic partner for Dermody Properties,” said Michael C. Dermody, Executive Chairman at Dermody Properties. “Almanac’s permanent capital, deep real estate experience, and access to a range of global resources through Neuberger Berman will support the continued growth of Dermody and enhance our business platform for years to come.”

“We are thrilled to announce a third partnership in our minority stakes strategy with one of the highest quality managers in the logistics space today,” said Andrew Silberstein, Managing Director & Head of Private Markets at Almanac. “Dermody Properties has a long track record of developing, acquiring, and managing high quality logistics properties, and we are excited to partner with this team on the next phase of their growth.”

Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Almanac. Kirkland & Ellis LLP served as legal counsel to Dermody Properties. Berkshire Global Advisors advised Dermody Properties on the transaction.