The platform consists of the following real estate funds: Macquarie Office Trust; Macquarie CountryWide Trust; Macquarie Direct Property Fund; Macquarie Martin Place Trust; and Macquarie Property Income Fund.
As part of the Platform, CHC will also acquire the asset service and property management businesses that support the funds as well as a portion of Macquarie’s co-investment holdings in three of the funds. Macquarie will retain shareholdings of 6% and 4% in Macquarie Office Trust and Macquarie CountryWide Trust respectively.
As part of the consideration, Macquarie has agreed to a placement of CHC securities such that Macquarie will hold 10% of CHC’s securities on issue post the transaction. The remaining consideration will be paid in cash. Charter Hall, a specialist real estate fund managers in Australia, will have assets under management in excess of $A10bn once the transaction is completed.
Nicholas Moore, MD and CEO of Macquarie, said: “Consistent with our strategy regarding the listed specialist funds business, Macquarie has undertaken a process to explore alternatives in relation to the future of Macquarie’s Australian real estate platform and maximise value for investors. As a result of this process, Macquarie has identified Charter Hall as a partner with a specialised real estate capability which Macquarie believes will be attractive for Fund stakeholders.”
