Mac Bank acquires a slice of Bluestone
(30 November 2010 – Australia) Macquarie Bank has announced it will acquire a 17.5 percent stake in capital and asset management firm Bluestone Group.
The investment bank will acquire the stake through the subscription of newly issued ordinary shares.
Bluestone Group has said it will use the proceeds of the capital raising to support the group’s expansion in Europe, as well as building on its Australian and New Zealand businesses.
The management firm also confirmed it has refinanced A$20 million of debt with real-estate investment fund manager, Forum Partners.
Representatives from both Macquarie and Forum Partners will join the board of Bluestone.
Bluestone’s chairman Alistair Jeffery said in a statement that there were a wide range of attractive investment opportunities emerging in the wake of the global financial crisis.
"This investment positions Bluestone to benefit from the diverse opportunities we are seeing,' Mr Jeffery added.
Bluestone established a UK office early last year and is seeking regulatory consents and adapting its loan servicing system to operate as an asset manager in other European countries.
Bluestone Group has said it will use the proceeds of the capital raising to support the group’s expansion in Europe, as well as building on its Australian and New Zealand businesses.
The management firm also confirmed it has refinanced A$20 million of debt with real-estate investment fund manager, Forum Partners.
Representatives from both Macquarie and Forum Partners will join the board of Bluestone.
Bluestone’s chairman Alistair Jeffery said in a statement that there were a wide range of attractive investment opportunities emerging in the wake of the global financial crisis.
"This investment positions Bluestone to benefit from the diverse opportunities we are seeing,' Mr Jeffery added.
Bluestone established a UK office early last year and is seeking regulatory consents and adapting its loan servicing system to operate as an asset manager in other European countries.
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