Macquarie takes majority Rismark stake
Macquarie Funds Group (MFG) has taken a majority stake in Sydney-based residential real estate funds management and research group Rismark.
Macquarie announced today that it had acquired a 53 per cent shareholding in Rismark but declined to disclose the price of the transaction.
It said that MFG would provide Rismark with global fund raising expertise, back-office funds management infrastructure and operational support services.
Commenting on the transaction, MFG head Shemara Wikramanayake said it would add to the range of investment options offered by MFG, giving clients access to Rismark’s residential real estate investment funds.
“In addition to acquiring a shareholding in Rismark, Macquarie’s commitment to co-invest in these funds demonstrates our support for Rismark’s investment strategies,” he said.
Rismark managing director Christopher Joye said the company had recognised a need to introduce a global institutional investment partner to expand its funds management business and assist in servicing the needs of local and offshore clients.
As a result of the transaction, the two companies have appointed Macquarie Group executive director Rowan Ross as chairman of Rismark.
AUTHOR
Mike Taylor
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