This article is from the Australian Property Journal archive
MACQUARIE Group has expanded its business in the United States with the takeover of Presidio Partners LLC, a real estate private capital raising and advisory firm.
The terms of the transaction were not disclosed and the deal is expected to close in the fourth quarter of 2010, subject to regulatory approvals and other customary closing conditions.
Presidio is a based in San Francisco and Chicago and ranked as a top-three real estate private capital raiser, both in the US and globally, having raised over $US11.8 billion of equity over 21 transactions since 2003.
Macquarie Capital Advisor Real Estate co-global head Chris Green said the combined platform will have a 19 person private capital team, who have raised a combined $US30 billion for private real estate transactions from 390 institutions in Europe, North America, the Middle East, and Asia Pacific since 2003.
“The addition of the Presidio team to Macquarie’s existing real estate platform will bolster our real estate offering and increases investor and client coverage across all major developed markets and key emerging markets,” he added.
The acquisition of the private capital team follows the recent hire of a six person CMBS team in the US.
Macquarie Real Estate Private Capital markets global head Brett Robson said the group is seeing increasing co-dependence of private and public capital in real estate transactions along with an increased globalization of capital flows.
“We are excited about creating a truly global real estate private capital business and believe Macquarie’s strength across both public and private equity plus debt capital markets will ensure clients are able to maximize access to opportunities and capital,” he added.
Australian Property Journal
