Macquarie raises $1.3bn for real estate

Macquarie Global Property Advisors Limited (MGPA), has reached a final closing of its new real estate private equity fund, Macquarie Global Property Fund II (MGP Fund II), having raised approximately US$1.3bn, exceeding its US$750m target. The new fund has already closed on two investments in Tokyo worth US$219m.

MGP Fund II consists of two funds, MGP Asia Fund II and MGP Europe Fund II, which will be investing in real estate assets in Asia and Europe respectively. MGP Fund II has commitments from a broad range of international investors including strong demand from corporate and public pension funds looking for exposure to the Asian and European property markets.

There was a substantial level of renewed commitments from existing investors in MGPA’s first fund, Global Fund I. MGPA, chief executive officer, James Quille, said “The strong demand for investing in this fund is indicative of the investors’ appreciation of the depth of Macquarie Global Property Advisors 2 knowledge and experience MGPA has in its offices in Asia and Europe and their belief in our ability to capitalise on the opportunities emerging in these regions.”

As with MGPA’s Global Fund I, the fund will target acquisitions of companies, portfolios and single assets and will also undertake developments in certain markets.

MGPA is headquartered in Bermuda and has offices in London,

Luxembourg, Hong Kong and Tokyo, and associates in Munich, Paris, Brussels,

Seoul and Shanghai.

Initial target markets include Germany, France, the United Kingdom and

Scandinavia in Europe and Japan, Korea, China and Hong Kong in Asia.

MGPA Global Fund I closed in 2000 and has invested in properties with a

combined value of US$3.1bn over the life of the fund.