Macquarie plays with friend in the park
(8 September 2005 – UK) Macquarie Bank has formed an alliance with UK based private real estate company Akeler to purchase two business parks.
The joint venture entity has bought Reading International Business Park, located west of London, and Central Quay in Glasgow for A$360 million.
Macquarie owns 85 percent of the parks with Akeler owning the remaining 15 percent. The two parties will also operate a 50-50 joint venture to manage and grow the portfolio.
Macquarie and Akeler will use the parks to form a new wholesale fund and explore other potential acquisitions within the office park sector in the UK and Europe.
The Australian investment bank is also looking to form a real estate investment fund once a UK review of such models is completed.
Macquarie owns 85 percent of the parks with Akeler owning the remaining 15 percent. The two parties will also operate a 50-50 joint venture to manage and grow the portfolio.
Macquarie and Akeler will use the parks to form a new wholesale fund and explore other potential acquisitions within the office park sector in the UK and Europe.
The Australian investment bank is also looking to form a real estate investment fund once a UK review of such models is completed.
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