NAB Buys Area Property Partners Stake

National Australia Bankhas acquired a 35% stake inArea Property Partnersfor an undisclosed sum,Bloombergreports. The financial terms of the deal have not been disclosed. New York-based Area’s Chairman,William Mack, and CEOLee Neibartwill remain in charge of all investment decisions after the deal.

Area is looking to invest over $1 billion of equity in 2011, of which about $500 million may be divided between Europe and India, and slightly more than that in the U.S. The firm is exploring acquisitions in the Manhattan hotel market, and seeking to buy multifamily assets in U.S. cities including Atlanta, Miami, Dallas and Washington.

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