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Deals & Dealmakers

Normandy forms partnership with Japanese firm NTT Urban Development

Normandy Real Estate Partners has formed a partnership with Japanese real estate giant, NTT Urban Development Corporation.

Under the deal, NTTUD has acquired a 15 percent common equity interest in Normandy’s management platform.

The alliance will expand both organizations’ growth initiatives in real estate investment in Normandy’s target markets of New York City, Boston and Washington, D.C. with a focus on office and mixed-use properties in urban and transit-oriented locations.

Normandy will continue to be overseen and controlled by its three founders and partners, Finn Wentworth, David Welsh and Jeff Gronning, and will continue to raise commingled real estate funds and joint ventures going forward.

“Our goal when we first started looking at the U.S. market in 2013 was to identify a best-in-class real estate operator, and we chose Normandy based on their strong track record and local expertise,” said Hideyuki Yamasawa, executive vice president, Global Business Department, NTT Urban Development.

“Following our initial co-investment in Normandy Real Estate Fund III’s 119 W. 25th Street project, we have made a total of five co-investments. With these successful investments, we have now decided to expand the relationship.”

Finn Wentworth, founder and partner at Normandy, said the deal puts Normandy in a position to continue delivering superior results for all of its investors and partners.

“Japanese investors are expected to be a growing and important source of equity capital targeting real estate investment in the U.S. Our affiliation with NTTUD will leave us strategically well positioned for future growth,” Wentworth noted.

NTT is a subsidiary of the Nippon Telegraph Corporation with interests in the United States, the UK, Australia and Asia.

Normandy has offices in New York City, Boston, Washington, D.C. and New Jersey. It specializes in office and mixed-use investments located in the Northeast and Mid-Atlantic CBD and transit-oriented submarkets where it owns and operates over 14 million square feet and has a development pipeline of four million square feet.

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