St Hilliers and Macquarie Bank have jointly formed a new property funds management and development company.
Macquarie has made a $30 million equity investment to St Hilliers.
St Hilliers’ executive chairman Tim Casey will remain the majority shareholder and chief executive officer of the new property venture.
A new board has been established for the property business and comprises Tim Casey, Trevor Gerber (Director of the management companies of Macquarie Airports Group and Macquarie ProLogis Trust), Dennis Broit (ex Chief Financial Officer, Mirvac) and Macquarie executives, Matthew Banks and Graeme Wilson.
The new property business will continue to focus its activities on its already established diversified property development and wholesale funds management platform with a mandate to operate Australia-wide and potentially in New Zealand.
A third wholesale, value-added fund is proposed to be launched early next year and is expected to raise between $70 million and $100 million. Three seed properties already have been acquired for this fund.
The new property venture will operate independently of the St Hilliers contracting business, of which Casey is the major shareholder. The day-to-day management of St Hilliers Contracting will continue to be the responsibility of the established management team, which also has a shareholding in the business.
By Kathryn O’Meara
