NAB Asset Management, the wealth management division of National Australia Bank, has acquired about 75% stake in Orchard Street Investment Management, a London-based fund focused on investments in commercial proterty assets within the UK and valued at £4 billion. National Australia Bank had earlier sold a $1.13 billion of distressed loans from its UK commercial real estate portfolio to an affiliate of New York-based buyout firm Cerberus Global Investors. NAB Asset Management said the acquisition is a stand-alone investment is unrelated to NAB’s existing UK commercial real estate loan portfolio.
