Macquarie Real Estate and St Hilliers in joint venture

property macquarie chief executive

28 November 2006
| By Liam Egan |

Macquarie Real Estate has made a $30 million equity investment in St Hilliers property group as part of a joint venture in the property funds management and development sector.

The venture will effectively divide St Hilliers’ existing construction and property activities into two distinct businesses, the new property venture and its existing construction business.

The new property business will focus on St Hilliers’ established diversified property development and wholesale funds management platform, with a mandate to operate Australia-wide and potentially in New Zealand.

A wholesale value-added fund is proposed to be launched early next year, and is expected to raise between $70 million and $100 million.

Three seed properties have already been acquired for this fund.

St Hilliers executive chairman Tim Casey will remain majority shareholder and chief executive of the new business — which will have a distinct brand, currently being developed.

He said he was confident the new venture would become a “formidable team” in the property funds management and development area.

“Macquarie’s experience in wholesale funds management will greatly complement our proven track record of creating a quality deal flow of development and value-add opportunities,” he said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

2 days 7 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

6 days 13 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 4 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days 11 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

4 days 14 hours ago