NAB Asset Management has acquired a majority stake in UK commerical property specialist Orchard Street Investment Management.

The global asset management business of National Australia Bank, one of Australia’s largest banks, has bought the stake from the existing partners.

It will see Orchard Street joining a stable of 12 other global asset managers at  NAB who operate in all major asset classes.

The transaction provides Orchard Street with a long term partner, while providing NAB Asset Management with a stake in a large UK commercial property fund manager which has grown its assets under management from £800m to around £4bn over the past ten years.

Following the transaction, the day-to-day management of Orchard Street remains unchanged, with the existing Orchard Street partnership comprising Chris Bartram, Philip Gadsden, David Lee, Gary Felce, John Humberstone, Phillip Rodger and Barney Rowe continuing to manage client relationships.

Chris Bartram will remain as chairman of the combined entity and Philip Gadsden will continue in his role as managing partner and will head the senior management committee.

Bartram said: “We are very pleased to welcome NAB Asset Management as a new partner as we celebrate our tenth year of operation. They bring with them significant investment expertise, a strong balance sheet and are a strong cultural fit for our business.”