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Investment Strategies

ASB offers clients carefully delineated investment strategies, tailored to specific risk-return objectives. ASB Allegiance Real Estate Fund is the firm’s exclusive core, open-end vehicle and the Meridian Fund is a closed-end, value creation fund. The company also manages a separate account solely focused on ground-up development.

ASB seeks top-quartile core performance through an investment strategy prioritizing long-term growth in net operating income. The firm targets superior urban submarkets within major metropolitan areas demonstrating high tenant demand. The core strategy seeks supply-constrained locations with mixed-use real estate and vibrant pedestrian corridors fueled by sustainable economic growth engines. Individual investments feature superior physical characteristics that are attractive to tenants, and in close proximity to mass-transit, retail, entertainment and recreational amenities. Previous investments that are indicative of ASB’s core strategy are highlighted below.

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The core portfolio is diversified and continually monitored by ASB investment professionals who maintain an active sales discipline. The firm makes a practice of judiciously divesting assets which have underperfomed or face imminent threats from new supply or functional obsolescence.The asset concentration of the core portfolio is featured below.

Value Creation
In 2010, ASB launched the ASB Meridian Real Estate Fund I (“Meridian Fund I”), a $115 million closed-end low-leverage, value creation vehicle. The Meridian Fund I investment strategy focused on special situation investments that presented compelling risk-adjusted return potential. Meridian Fund I investments were primarily sourced on an off-market basis through the firm’s strong network of experienced operating partners who leveraged their local relationships to identify potential opportunities. The execution of the Meridian Fund I investment strategy involved the pursuit of well-positioned properties with elevated vacancy located in tightening markets with strengthening fundamentals, distressed acquisition scenarios that offered an attractive investment basis at significantly below replacement cost, capital-starved investments requiring significant capital infusion, investments that could be repositioned through either an alternative use or revitalization strategy, and well-collateralized, high-yield subordinate equity or debt investments.