Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) announced the completion of a $440 million Investment Management portfolio transaction with TPG Real Estate through the formation of new joint ventures involving six Fund V assets and one additional wholly-owned Investment Management asset.
Investment Management Portfolio Transaction Overview, On February 25, the Company and TPG Real Estate completed a $440 million portfolio transaction within its Investment Management platform involving six Fund V assets (Hickory Ridge, Palm Coast Landing, Hiram Pavilion, Canton Marketplace, Elk Grove Commons, and Midstate Mall) along with The Avenue West Cobb (acquired in the third quarter of 2025).
TPG acquired an 80% interest across the portfolio, with Acadia retaining its existing 20% ownership in the Fund V assets, along with a 20% interest in West Cobb. In addition to its 20% interests, the Company also provided approximately $27 million of financing within the capital stack of the newly formed joint ventures.
The Company will continue to manage the properties, earning asset management, property management, and leasing fees, as well as a potential promote upon ultimate disposition. This transaction does not change the Company’s previously provided 2026 FFO As Adjusted earnings guidance.
Within the past 14 months, the Company, through its Investment Management platform, has completed in excess of $1.2 billion of assets in partnership with TPG Real Estate, reflecting a growing and scalable relationship with an expectation to continue expanding. This follows the previously announced acquisitions of the Shops at Skyview (Queens, New York) in January 2026 and the LINQ Promenade (Las Vegas, Nevada) in December 2024.
Kenneth F. Bernstein, President and CEO of Acadia, commented:
“We are excited to further expand our relationship with a world‑class institutional partner like TPG. This transaction delivers attractive returns and liquidity to our Fund V investors while enabling us to continue owning and operating high‑quality retail assets alongside TPG. With over $1 billion of recent transactions, we are seeing strong momentum across our Investment Management platform, and this transaction, together with the acquisitions of Shops at Skyview and LINQ Promenade underscores sustained investor demand for well‑located retail real estate and further validates our dual‑platform strategy.”
