Asana Partners and Norges Bank Investment Management Launch $500M Neighborhood Retail Venture

Asana Partners and Norges Bank Investment Management have formed a $500 million joint venture to acquire neighborhood retail assets in the United States, the firms announced July 9, 2026.

The venture, named Asana Partners Strategic Partners I (APSP I), is structured around a $500 million equity commitment. Norges Bank Investment Management will hold approximately a 49% stake. The initial transaction involves the acquisition of a 50% interest in a portfolio of premium grocery-anchored centers located in what the firms describe as desirable growth markets.

Venture Structure and Investment Strategy

APSP I is organized as a core and core-plus investment vehicle. The venture's target asset types include open-air shopping centers, unanchored centers, street retail, and mixed-use assets.

Asana Partners, which the firm says manages approximately $9 billion in assets, will serve as the general partner and operating sponsor. Norges Bank Investment Management is taking a minority position as capital partner. The venture is described as complementary to Asana Partners' existing Select Fund.

Deal Details Remain Limited

The announcement does not disclose the individual properties, addresses, square footage, or pricing associated with the initial portfolio acquisition. The firms confirmed only that the first transaction involves a 50% interest in a portfolio of premium grocery-anchored centers in growth markets. Additional financial terms of the joint venture were not disclosed.

The venture was announced on July 9, 2026, through a press release published on the Asana Partners website.

Sources

Asana Partners — Asana Partners and Norges Bank Investment Management Launch Strategic Neighborhood Retail Venture (July 9, 2026)