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

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks 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....

6 days 13 hours ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

3 weeks 6 days ago

The Reserve Bank of Australia's latest interest rate announcement has left punters disheartened on Melbourne Cup Day....

5 days 12 hours ago