Greystar and Macquarie Capital Announce Intention to Form New Asia-Pacific Platform
18 October 2016 - 11:00PM
Business Wire
Greystar Real Estate Partners (“Greystar”) and Macquarie
Capital, (“Macquarie Capital”), the corporate advisory, capital
markets and principal investing arm of Macquarie Group
(“Macquarie”) (ASX: MQG; ADR: MQBKY), are pleased to announce that
they have signed a letter of intent to jointly form and capitalize
a new Asia-Pacific rental housing platform (“Greystar
Asia-Pac”).
Greystar Asia-Pac plans to raise institutional capital to
acquire, develop, reposition and manage rental residential assets
across the region. Greystar is a global leader in the investment,
development and management of rental housing, operating over
400,000 rental units in 160 markets globally with an ownership
interest in assets worth $14.0B. The expansion into the
Asia-Pacific region advances Greystar’s successful international
growth strategy - which includes current operations in the United
Kingdom, Europe and Latin America - and underscores a long-standing
advisory relationship with Macquarie Capital.
Greystar Asia-Pac, the jointly owned venture between Greystar
and Macquarie Capital under consideration, would be Greystar’s and
Macquarie Capital’s exclusive platform in the rental residential
space in the Asia-Pacific region. Initial investment opportunities
are being evaluated and anticipated to include assets in the Tokyo,
Beijing, Shanghai, Sydney and Melbourne markets.
The proposed joint venture will combine Macquarie Capital’s deep
relationships and proven track record in the region with Greystar’s
rental housing expertise, creating an attractive opportunity for
Greystar to grow and enhance its presence in Asia-Pac.
“My original vision when starting Greystar in the early 1990s
was to build a blue chip company that could help professionalize
the rental housing industry for institutional capital in the US,”
said Bob Faith, Founder and CEO of Greystar. “We view our
opportunity in the Asia-Pacific as a natural extension of our
original strategy and believe a partnership with Macquarie provides
valuable regional experience and expertise. We intend to build the
leading rental residential company within the major cities of the
region.”
Chris Green, Global Head of Real Estate at Macquarie Capital
said: “Macquarie Capital has a longstanding relationship with
Greystar and we are very pleased to be working with Bob Faith and
the high caliber Greystar team in expanding to the Asia-Pacific
region. We continue to see deep demand from global institutional
investors for multifamily and student accommodation real estate,
and believe a combination of Greystar’s residential expertise and
Macquarie Capital’s Asia-Pacific strength will be a successful
platform.”
About Greystar Real Estate Partners
Greystar is a leading, fully integrated real estate company
offering expertise in investment management, development and
property management of rental housing properties globally.
Headquartered in Charleston, South Carolina with offices throughout
the United States, Europe, and Latin America, Greystar is the
largest operator of apartments in the United States, managing over
400,000 units in over 160 markets globally. Greystar also has a
robust institutional investment management platform dedicated to
managing capital on behalf of a global network of institutional
investors with over $14 billion in gross assets under management
including $6.9 billion of developments underway. Greystar was
founded by Bob Faith in 1993 with the intent to become a provider
of world class service in the rental housing real estate business.
To learn more about Greystar, visit www.greystar.com.
About Macquarie
Macquarie is a global provider of banking, financial, advisory,
investment and funds management services. Founded in 1969,
Macquarie operates in more than 65 office locations in 28
countries, employs more than 14,000 people and has assets under
management totaling US$366 billion at 31 March 2016.
Macquarie Capital includes Macquarie's corporate advisory,
capital markets and principal investing capabilities, with
expertise spanning a variety of industry sectors including
telecommunications, media, entertainment, gaming, financial
institutions, industrials, energy, resources, real estate,
infrastructure, utilities and renewables. The real estate team
comprises over 70 executives globally and has raised in excess
of US$57 billion of equity for a large number of real
estate ventures. Macquarie Capital combines its deep real estate
expertise with capital and has invested in a number of real estate
operating companies supporting these groups to expand their
platforms.
To learn more about Macquarie, visit www.macquarie.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161018005255/en/
Angela Bonnici,
646-277-1276GreystarPR@icrinc.com
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