Centerbridge Partners is in talks to buy a minority stake in Merritt Properties, the industrial and commercial real‑estate arm of Neuberger Berman’s Almanac. The deal would value the $3bn business, including debt, and give the private‑equity group a third of the company. Merritt’s founder family will keep majority control.

Almanac, which manages $6bn across the sector, is one of several bidders eyed by Centerbridge, which oversees $47bn in assets. The transaction follows a boom in global real‑estate deals, with $99bn signed worldwide between January and May—44% higher than the same period last year, fueling interest in industrial assets that have outperformed peers.

Industrial real‑estate performance has been driven by supply‑chain investments and reshoring, but high interest rates still weigh on valuations. Merritt specializes in warehouses, distribution centres and office buildings across Maryland, Virginia, North Carolina and Florida, making it an attractive target for investors seeking exposure to resilient industrial properties.

If the deal closes, Centerbridge would own roughly a third of Merritt, while the family keeps majority control. The transaction could reshape the industrial‑real‑estate landscape, offering a model for future private‑equity participation in niche property groups amid a competitive bidding environment.