Klein Enterprises Announces up to $200m Capital Commitment From Almanac Realty Investors

Klein Enterprises – a vertically integrated investor, developer and operator of diversified real estate holdings – announced today that Almanac Realty Investors, a business unit of Neuberger Berman, has committed up to $200m of capital to further Klein’s growth strategy.

This investment will allow Klein to pursue new and ongoing development and acquisition opportunities while the firm continues its strategic expansion throughout the East Coast with a primary focus on the Mid-Atlantic region.

Headquartered in Baltimore, Klein benefits from a 70-year operating history and a diversified portfolio of assets including approximately 2,500 multifamily units and over 2.5 million square feet of commercial properties.

“This strategic partnership represents the next phase of our growth strategy and we’re honoured to work with such a distinguished organisation to drive us forward,” said Daniel Klein, President of Klein Enterprises. “We view Almanac to be a best-in-class provider of growth capital to real estate companies, and we believe now is the right time to establish a partnership based on the opportunities we see and where we are in our company’s trajectory.”

The Almanac investment is the culmination of a capitalisation strategy that began with larger scale investment syndications and continued with the formation of Klein’s consolidated property holding company, KE Holdco LLC.

Klein will use the capital to further enhance and expand its diversified portfolio through continued acquisitions and development of multifamily, self-storage, industrial, flex/office, and retail assets.

“This investment serves as a testament to our team’s diligent efforts and success, and we’re excited to pursue new development and acquisition opportunities across the asset spectrum with Almanac’s institutional support,” said Sean Garland, Chief Investment Officer of Klein Enterprises.

Based in New York, Almanac is the private real estate investment arm of Neuberger Berman and one of the leading private equity firms focused on providing growth capital to real estate operating companies and investment managers. Almanac works alongside proven management teams, providing capital and resources to protect value, generate ongoing yield, and target significant portfolio growth.

Madeline Wick, a Senior Vice President at Almanac added, “Klein Enterprises is a deep-rooted organisation with a talented leadership team and a successful track record of value creation. The company is well positioned to continue to grow its diversified portfolio of residential and commercial real estate assets. We are pleased to partner with Klein and support its next phase of growth.”

Source: Business Wire

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