Macquarie Bank acquires 50 per cent stake in Macquarie Goodman’s Hong Kong assets

24 October 2005

Macquarie Goodman Group (Macquarie Goodman) and Macquarie Bank Limited (Macquarie) have announced Macquarie will co-invest in Macquarie Goodman’s portfolio of Hong Kong industrial properties as the organisations position their REIT business for future expansion.

The Macquarie Goodman and Macquarie joint venture has secured three Hong Kong properties valued in excess of A$585 million - Global Gateway, Evergain Plaza and the Dynamic Cargo Centre. To date these acquisitions have been funded by Macquarie Goodman.

To facilitate future acquisitions, Macquarie will co-invest in the existing properties, providing 50 per cent of the funding and receiving its proportionate share of the income from those properties. Macquarie will make a $150 million equity contribution.  Macquarie's capital ratios are not expected to be significantly impacted as a result of the equity investment.  The co-investment is subject to the consent of financiers.

Chief Executive Officer of Macquarie Goodman, Gregory Goodman said, “The participation by Macquarie Bank reinforces its commitment to growing our joint venture business and assets under management in Hong Kong, positioning both organisations to take advantage of further acquisition opportunities in the region.”

Commenting on Macquarie’s strategy, executive director James Hodgkinson said, “Macquarie is rapidly positioning itself as a leader in the Asian REIT market and this transaction allows us to work together with Macquarie Goodman to create a robust business platform in Hong Kong.  This latest acquisition is a significant step in the expansion of our strategy to establish REIT products throughout the region.” 

For more information please contact: 

Greg Goodman
Chief Executive Officer
Macquarie Goodman
Tel: (612) 9230 7400

Stephen Hawkins
Chief Executive Officer – Asia Executive Director
Macquarie Goodman
Tel: (852) 2249 3100

James Hodgkinson
Executive Director
Macquarie Bank Limited
Tel: (612) 8232 5089

Erica Sibree
Investor Relations
Macquarie Bank Limited
Tel: (612) 8232 5008
Mobile: (614) 1302 6309