TheRealReal Stock: NPS Partners with Almanac Realty for Strategic Real Estate Investment

### Strategic Partnership in Real Estate Investment

The National Pension Service of Korea (NPS) forges a significant strategic alliance with Almanac Realty Investors, marking a pivotal moment in the realm of global real estate investments. This $800 million partnership is poised to enhance NPS's investment capabilities and diversify its portfolio through a structured approach that emphasizes platform investing. As part of this collaboration, NPS commits initial capital to Almanac's flagship strategy, which focuses on growth capital in real estate operating companies, and aims to acquire minority equity stakes in institutional real estate managers.

Insub Park, Senior Portfolio Manager of NPS's Real Estate Platform Investment Team, articulates the transformative potential of platform investing in today’s market. By leveraging this strategy, NPS seeks not only to optimize its investment outcomes but also to establish a robust framework for future growth. The initiative is particularly timely, given the increasing complexity and opportunities present in the global real estate landscape. This partnership aligns with NPS's broader goal of enhancing long-term growth strategies and ensuring sustainable returns for its stakeholders.

George Walker, CEO of Neuberger Berman, reinforces the critical role of private real estate as an investment avenue, emphasizing Almanac's capacity to harness its extensive industry relationships. The partnership aims to create a dedicated vehicle that empowers Almanac to advise NPS on carefully sourced transactions, focusing on platform and general partner stakes. This strategic move represents a significant step forward for NPS, following the establishment of its Real Estate Platform Investment Team earlier in 2024, which is tasked with identifying and investing in diverse real estate opportunities, thus positioning NPS as a proactive player in the evolving real estate sector.

In a related development, the establishment of the Real Estate Platform Investment Team underscores NPS's commitment to exploring innovative investment strategies. This dedicated team is focused on both established and emerging real estate platforms, allowing NPS to diversify its investments while adapting to market trends. The partnership with Almanac is not only a leap towards optimizing value creation but also sets the stage for enhanced investment outcomes in the competitive landscape of private real estate.

Overall, the collaboration between NPS and Almanac Realty Investors signifies a forward-thinking approach to real estate investment, aimed at leveraging strategic partnerships to optimize returns and foster long-term growth in an ever-evolving market.