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Home» About Macquarie Group» News & announcements» Archive 2008» Macquarie sells its Hong Kong interests in Macquarie Goodman Asia

News & announcements

Macquarie sells its Hong Kong interests in Macquarie Goodman Asia

28 October 2008

Macquarie Group Limited (Macquarie) advises that its banking subsidiary, Macquarie Bank Limited, has sold its interests in the Hong Kong platform of Macquarie Goodman Asia (MGA) to joint venture partner, Goodman Group (Goodman) for $A200 million.

The transaction will result in Macquarie booking a small net profit after tax, which will be brought to account in the half year to 31 March 2009.

Goodman will purchase Macquarie’s interests in MGA’s Hong Kong platform comprising:

50% of the shares in MGA, the manager of Macquarie Goodman Hong Kong Logistics Fund (MGLF-HK);
25% interests in two Hong Kong development projects, Interlink and Seaview; and
its units in MGLF-HK.

Macquarie has also sold its rights to 50% of any new fund management business that Goodman establishes in Asia, excluding Japan.

Macquarie Group Chief Financial Officer Greg Ward said: “This is a good opportunity for Macquarie and it is the right time to realise the value in these interests to allow us to redeploy capital into new and existing growth opportunities.

“This announcement reflects our long held real estate strategy of investing with partners to build businesses to maturity.”

Macquarie continues to build its extensive pan-Asian platform covering nine countries.

Contacts:

Fiona Tyndall
Macquarie Group
Corporate Communications
Tel: +612 8232 9323

Richard Nelson
Investor Relations
Macquarie Group
Tel: (612) 8232 5008
Email: richard.nelson@macquarie.com

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