Macquarie Real Estate has a significant presence in Asia with offices in Seoul, Hong Kong, Shanghai, Beijing and Tokyo.

Macquarie Real Estate in Korea

Macquarie Real Estate Korea Limited ("MREK") is a Korean subsidiary of Macquarie Real Estate Investments. MREK is a licensed REIT asset management company registered with the Ministry of Land, Transport and Maritime Affairs. MREK provides a diverse range of complementary real estate investment solutions including acquisition, project and financial structuring, securitisation, arranging / raising equity and debt, development, advisory, divestment, funds management and asset management services.

In January 2004, MREK became the first wholly-owned foreign asset manager to list a real estate investment trust (REIT) on the Korea Exchange. The MCO CR-REIT acquired the 22-storey Kukdong Building in the Seoul CBD for KRW 158 billion. Closing share price of MCO CR-REIT as at 2nd May 2008 was, KRW 9,860 reflecting a 97% increase over par value, and dividend yields significantly exceeding prospectus forecasts. Information on the MCO CR REIT can be accessed at http://www.macquarie.com/kr/en/property/reports.htm .

Some of Macquarie Real Estate's recent investment highlights in Korea include:

1. In March 2007, Macquarie Real Estate acquired a 50% investment in an office building in CBD Seoul for KRW 117 billion together with Global Fund II, a fund managed by MGPA.

2. MREK launched its second Korean REIT in September 2007, the "Macquarie NPS REIT", an unlisted REIT investing in commercial and retail property sectors in Korea. The Macquarie NPS REIT has to date acquired two office properties in Seoul for KRW 210 billion and plans to grow assets significantly during its 10 year life. More information on Macquarie NPS REIT can be accessed at http://www.macquarie.com/kr/en/property/mnpsreitreports.htm .

3. In December 2007, MREK committed KRW350 billion of capital via a forward purchase contract for an office building in Seoul to be completed during 2010.

Macquarie Real Estate

Macquarie Real Estate is a diverse, international business with a unique blend of real estate and financial expertise, across a number of locations and products.

Macquarie Real Estate offers a range of services including real estate fund and asset management, investment and development finance, unlisted equity raising, real estate development and development management, with businesses located in Australia, South Africa, Asia, North America and Europe. 

For further information please contact:
Macquarie Real Estate Korea
Tel: (82 2) 3705 8710
Fax: (82 2) 3705 8789