Macquarie Real Estate and St Hilliers in joint venture
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.
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