Australian investment bank Macquarie Group Ltd. looks set to mark its return to property funds management in Australia after it confirmed that it was in talks to acquire a 50% stake in the A$11 billion Investa Property Group platform.
Macquarie Real Estate Investment Holding (Australia) Pty. Ltd. and ICPF Holdco Pty. Ltd. are negotiating a potential funds and property management joint venture, under which a Macquarie special-purpose vehicle would directly acquire 50% of the shares held by ICPF in Investa Office Management Holdings Pty. Ltd., the holding company of the manager and responsible entity of Investa Office Fund.
Macquarie said Aug. 10 that the parties have entered into a mutual standstill and exclusivity agreement for negotiating and finalizing the joint venture.
Under the terms of a partnership announced in May, Macquarie can already have some say in private equity giant Blackstone Group LP's A$3.14 billion takeover offer for Investa Office Fund.