Macquarie Capital and Greystar Real Estate Partners have agreed to form a new Asia-Pacific rental housing platform. The joint venture seeks to raise funding to acquire, develop, reposition and manage residential assets in the Asia-Pacific region. No financial terms were disclosed.
CHARLESTON, S.C.–(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.
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.