NAB Asset Management acquires 75% in Orchard Street Investment Management

NAB Asset Management, the wealth management division of National Australia Bank, has acquired close to 75% interest in Orchard Street Investment Management, a £4 billion ($7.34 billion) London-based fund focused on investments in commercial property assets within Britain.

NAB Asset Management executive general manager Garry Mulcahy told the Australian Financial Review the acquisition of Orchard Street was a stand-alone investment that is unrelated to National Australia Bank’s existing British commercial real estate loan portfolio.

Founded in 2004, Orchard Street is invested in commercial property assets across the industrial, office and retail sectors.

Chris Bartram will remain as chairman, and Philip Gadsden as managing partner.

Controlling majority interests in 12 investment boutiques with $178 billion in funds under management, the investment in Orchard Street add $5.5 billion to NAB wealth division’s total funds under management.