Almanac, the private real estate arm of Neuberger Berman, has acquired a minority stake in Alterra IOS, the largest U.S. owner of industrial outdoor storage assets. The passive investment, made through two Almanac vehicles, capitalizes on the sector's strong performance and resilience. Alterra's management entity received the capital, though the stake size was not disclosed.

The investment follows Alterra's successful fundraising, closing its Alterra IOS Venture III fund at $925 million in April, far above its $750 million target. The firm has been actively deploying capital, including a recent $49.5 million purchase of 10 truck terminals. Alterra focuses on infill logistics hubs, reporting strong leasing momentum into 2026.

This move validates the institutional rush into industrial outdoor storage, an asset class prized for low costs and rent growth. The trend was cemented by Brookfield's $1.2 billion acquisition of Peakstone, a major IOS REIT. For Almanac, this is another minority manager bet, fitting its strategy of partnering with specialists to build durable investor returns.

Almanac's capital provides Alterra with fuel to expand its leadership in a tightly supplied, high-demand niche. The transaction reflects a broader shift where large investors are allocating significant capital to proven operators in the resilient IOS sector, seeking stable income streams amid broader market uncertainty.