Real Estate

Overview

Macquarie Capital Real Estate provides advisory and capital arranging services to real estate and real estate-related market participants. Macquarie believes that its emphasis on individualized attention to its clients, extensive global network of relationships and its singular industry focus enable it to provide unparalleled client service.

Macquarie is differentiated from its investment banking peers by its fully integrated, specialized real estate private capital markets activities, in which it is the clear global leader.

To help its clients meet their strategic, capital and investment objectives, Macquarie provides specialist private capital solutions and traditional advisory and M&A services that draw upon its deep understanding of the private capital markets. Macquarie’s strategic advisory and capital raising services are delivered by a global investment banking platform.

With experienced real estate professionals in eleven countries across four continents, and US$32 billion of equity commitments raised to date, the team brings the experience and expertise to create value for its clients.

Our approach

Macquarie Capital Real Estate prides itself on providing individualized attention to our clients’ needs. Accordingly, our senior professionals are actively involved in every stage of the process, while maintaining a constant dialogue with clients and potential capital partners. 

By combining the sector focus and "high-touch" model of a boutique with the institutional quality leadership and capabilities of an international firm, Macquarie provides both specialized expertise and global reach. 

Process overview 

Macquarie has successfully executed tailored solutions for leading specialized real estate companies and institutional investors across multiple transactions. Through innovative deal structuring and execution, Macquarie’s clients have been able to unlock captive portfolios through mergers and acquisitions, restructuring and recapitalizations.

Tailored Private Capital Solutions

Private Equity Capital Raising 

Macquarie Capital Real Estate excels in developing creative solutions to meet the capital raising requirements of our corporate clients. We provide investors with global access to real estate investments alongside expert operators. We offer unmatched flexibility to structure engagements that meet our clients’ investment objectives. Our core product suite includes:

• Private real estate limited partnerships and funds
• Investment clubs
• Single-asset or programmatic joint ventures
• Entity-level investments 

Macquarie Capital’s Real Estate team brings key services and capabilities that differentiate us: 

• Our focus on high-quality sponsors: a limited number of active assignments, providing "high-touch" senior attention 
• The strength of our relationships and track record: established relationships with 454 investors globally 
• The depth of experience of our senior team: diverse yet complementary skills and backgrounds across real estate, capital raising, portfolio management, corporate finance, accounting and marketing

Strategic Advisory and M&A

Macquarie Capital Real Estate advises on private and public mergers and acquisitions, restructuring and recapitalizations, and real estate investment trust and real estate company capital raisings. 

Macquarie has longstanding relationships with recognized real estate operating companies, positioning it to provide a broad range of strategic financial advisory services. Macquarie has executed both asset- and entity-level transactions, and is often sought out for strategic advice at the asset or corporate level. Macquarie Capital Real Estate’s range of services includes: 

• Traditional advisory and M&A services
• Equity capital markets
• Debt capital markets
• Restructuring and special situations

Track record

Macquarie's preeminent private capital practice has been developed through consistent transaction execution since 2003. 

Selected transactions 

Date	Sponsor/ vehicle	Region	Asset Class	Type	Commitments Raised
February 2012	Prime Residential London Partnership	UK	Residential	Club	£250.0m
October 2011	Contrarian Distressed Real Estate Debt Fund II	USA	Distressed	Fund - Primary units	US$445.0m
March 2011	Goodman Trust Australia	Australia	Industrial	Take-private	A$1.4bn
December 2010	APL Tokyo Residential I Fund	Japan	Residential	Fund - Primary units	JPY4.6bn
August 2010	CFSGAM Property Retail Partnership	Australia	Retail	Restructure and recapitalization	A$900.0m
August 2010	Investa Commercial Property Fund	Australia	Office	Fund - Primary units	A$266.0m
March 2010	Goodman Australia Industrial Trust	Australia	Industrial	Fund - Primary units	A$30.0m

 

Asia

Macquarie Wanda Real Estate Fund  

Year: 2006 Client:  Macquarie Topest Management Limited Value:  US$700 million (Equity) Transaction Type: JV / club

MWREF was established in 2006 as the first core retail real estate private equity fund that would invest in Chinese retail properties Macquarie utilized its balance sheet alongside a group of institutional partners to fund the construction of seven assets to be committed to the fund  Retained a significant coinvestment via ownership stake in the asset manager JV  Over US$600 million of third party equity was raised from global institutional investors  A landmark transaction in terms of the investment structure adopted, including the first CMBS program secured by Chinese real estate

Goodman Hong Kong Logistics Fund

Year: 2006 Client:  Goodman Group Value:  HK$4.4 billion (Equity) Transaction Type: Open-end fund

GHKLF was established in 2006 as an open-end real estate private equity fund focussed on logistics properties in Hong Kong GHKLF held an initial portfolio of prime properties valued at HK$4.8 billion  At close, represented the largest real estate private equity raising for a country-specific fund Asia.  Foundation of the Goodman Asia platform; Goodman and Macquarie Bank initially held 38.9% and 13.1% respectively of the Fund  HK$4.4 billion of third party equity was raised from global institutional investors

Americas

RLJ Real Estate Fund III

Year: 2008 Client:  RLJ Development L.L.C. Value:  US$1.2 billion (Equity) Transaction Type: Closed-end fund

RLJ Real Estate Fund III was established in 2008 as the third real estate private equity fund managed by RLJ Development LLC, focussed on full-service hotels  Follow-on from two prior funds also raised by Macquarie (US$2.3 billion total equity raised across three funds)  US$1.2 billion of third party equity was raised from global institutional investors, from both existing and new relationships

EMEA

Residential Land Prime London Ventures

Year: 2012 Client:  Residential Land Value:  £250 million (EV) Transaction Type: JV

Prime London Ventures was established in 2012 as an equity joint venture to acquire and reposition prime residential real estate in central London  The venture was partially seeded with four assets in South Kensington, Marylebone, Bayswater and Lancaster Gate  First major institutional investment by pension fund, Ivanhoé Cambridge (real estate subsidiary of La Caisse de Dépôt et Placement du Québec) and real estate asset manager, Apollo Global Real Estate in the UK residential sector

ProLogis European Properties ("PEPR") public bid strategy

Year: 2011 Client:  APG Asset Management Value:  €2.9 billion (GAV) Transaction Type: Take-private bid/bid response

Macquarie advised a group of major pension and sovereign wealth funds, led by APG Asset Management and Goodman Group, on their indicative proposal to privatise PEPR  PEPR was a Euronext – Amsterdam listed industrial property vehicle, externally managed by ProLogis with 231 properties across 11 countries in Europe  APG was the largest shareholder in PEPR after PEPR’s manager ProLogis, and the privatisation proposal was a response to PEPR’s perceived governance issues, share price performance and lack of liquidity options for shareholders  After the indicative proposal was publicised, ProLogis quickly responded with a counter-bid at a higher price  As a consequence APG, Goodman and their consortium partners generated a cash liquidity event for all shareholders at a price close to prevailing NAV and at a 30% premium to the pre- proposal share price1

^{1 Compared with the 6 month VWAP of the unaffected share price as at April 12, 2011}

Australia

ING Industrial Fund Privatization

Year: 2011 Client:  Goodman Group Value:  A$2.6 billion (EV) Transaction Type: Take-private

Advised Goodman-led consortium comprising CPPIB, APG and CIC on the acquisition of the ASX-listed ING Industrial Fund (IIF)  IIF is an externally managed ASX-listed real estate investment trust with an A$2.5 billion portfolio of 61 properties across Australia (A$2.2 billion) and Europe (A$0.3 billion).  All cash offer of 54.6c per IFF unit ($A2.6 billion EV)  A$1.1 billion new syndicated bank facility sourced to fund acquisition. Existing European debt (A$0.2 billion) rolled into the privatized vehicle  Successfully sourced A$1.4 billion of equity from Goodman’s existing relationship with three of the world’s largest institutional investors

CFSGAM Property Retail Partnership

Year: 2010 Client:  Colonial First State Global Asset Management Value:  A$1.1 billion (EV) Transaction Type: Restructure and recapitalization

The restructure and recapitalisation of DPIF Retail was completed in 2010 to form the CFSGAM Property Retail Partnership, a venture focussed on the Australian core retail real estate market  Structured and executed a highly complex transaction - new terms agreed with unitholder approval; ability for existing investors to roll investment and/or exit  Existing investors were able to exit at NTA.  Two new major institutional investors sourced from Canada and Australia - A$750 million investment in a high quality portfolio of Australian retail assets in a structure that satisfied their structural preferences

 

Specialist Expertise Across Every Region

Macquarie provides true global coverage with over 50 dedicated professionals located across 5 major regions. 

Our team

Americas 

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Ron Rimer

Senior Managing Director – Toronto
T: +1 416 848 3591
E: ron.rimer@macquarie.com

Mr. Rimer joined Macquarie in 2008 as a Senior Managing Director based in Toronto. Mr. Rimer has over 25 years of real estate experience. He has worked on a variety of mergers and acquisitions, equity and debt capital markets, and financial advisory assignments. Prior to joining Macquarie, he was Global Head of Diversified Industrials at Canaccord Capital where he oversaw the expansion of his group in Toronto and expansion into distinct sub-sectors and Asia. Prior to his investment banking roles, he was a top ranked real estate research analyst at BMO Nesbitt Burns.

Mr. Rimer earned his graduate degree in Public Accounting and a B.Com. from McGill University.

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John Bartkiw

Managing Director – Toronto
T: +1 416 848 3618
E: john.bartkiw@macquarie.com

Mr. Bartkiw joined Macquarie in 2010 and is currently Head of Real Estate Advisory in Canada based in Toronto. Mr. Bartkiw has over 25 years of real estate experience. Prior to joining Macquarie, he was Head of Real Estate at Raymond James. Prior to that, he was the Chief Financial Officer of Instorage REIT, a self storage real estate investment trust. Prior to that, he was a Vice-President and Chief Financial Officer of Firan Technology Group Corporation. Prior to that, he has worked for Sprint Canada, Ernst and Young, Royal LePage Real Estate Services and Vancastle Developments.

Mr. Bartkiw earned his M.B.A. from the University of Windsor and graduated with a H.B.A from the Richard Ivey School of Business. He is also a Charted Accountant.

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Jack Berquist

Managing Director – San Francisco
T: +1 415 762 5072
E: jack.berquist@macquarie.com

Mr. Berquist joined Macquarie in 2010 and is currently a Managing Director based in San Francisco. Mr. Berquist has over 29 years of private capital raising experience. He was previously a Managing Partner and co-founder of Presidio Partners, a leading real estate private equity placement firm. While at Presidio, he was responsible for client management and capital raising activities. Prior to founding Presidio, he led the Real Estate Private Equity Group of Banc of America Securities, and was a Director in the Investment Banking Division of Merrill Lynch.

Mr. Berquist earned his M.B.A. from the University of Chicago and graduated Magna Cum Laude with a B.A. from Vanderbilt University.

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Alan Braxton

Managing Director – Chicago
T: +1 312 660 9064
E: alan.braxton@macquarie.com

Mr. Braxton joined Macquarie in 2010 and is currently a Managing Director based in Chicago. Mr. Braxton has over 22 years of private capital raising experience. He was previously a Managing Partner and co-founder of Presidio Partners, a leading real estate private equity placement firm. While at Presidio, he was responsible for client management and capital raising activities. Prior to founding Presidio, he was a Principal in the Real Estate Private Equity Group of Banc of America Securities. Prior to that, he was a Managing Director at LaSalle Investment Management, a wholly owned subsidiary of Jones Lang LaSalle.

Mr. Braxton earned his M.B.A. from the Wharton School of the University of Pennsylvania and graduated with a B.S. from the Indiana University of Pennsylvania.

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Markus Trice

Managing Director – Chicago
T: +1 312 660 9063
E: markus.trice@macquarie.com

Mr. Trice joined Macquarie in 2010 and is currently a Managing Director based in Chicago. Mr. Trice has over 27 years of private capital raising experience. He was previously a Managing Partner and co-founder of Presidio Partners, a leading real estate private equity placement firm. While at Presidio, he was responsible for client management and capital raising activities. Prior to founding Presidio, he was a Managing Director in the Real Estate Private Equity Group of Banc of America Securities. Prior to that, he was an Executive Vice President with GE Capital Investment Advisors and a Senior Vice President and Principal at LaSalle Advisors.

Mr. Trice is a candidate for J.D. at the Washington University School of Law and graduated with a B.S. from Webster College.

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Eric Wurtzebach

Managing Director – New York
T: +1 212 231 0438
E: eric.wurtzebach@macquarie.com

Mr. Wurtzebach joined Macquarie in 2008 and is currently a Managing Director based in New York. Mr. Wurtzebach has over 15 years of real estate advisory experience. He has worked on a variety of mergers and acquisitions, equity and debt capital markets, and financial advisory assignments. Prior to joining Macquarie, he was a Director of Investment Banking at BMO Capital Markets focusing on public and private real estate advisory. Prior to that, he was a Founding Partner of Silver Portal Capital and a Vice President in the Real Estate Advisory Group of First Union Securities.

Mr. Wurtzebach graduated with a B.S. from Trinity University.

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Tricia Peterson

Senior Vice President – San Francisco
T: +1 415 762 5073
E: tricia.peterson@macquarie.com

Ms. Peterson joined Macquarie in 2010 and is currently a Senior Vice President based in San Francisco. Ms. Peterson has over 14 years of private capital raising and financial advisory experience. She was previously a Senior Vice President of Presidio Partners, a leading real estate private equity placement firm. While at Presidio, she was responsible for client management, capital raising, and due diligence activities. Prior to that, she was an Associate in the Real Estate Group at Lehman Brothers, and an Analyst in the Municipal Finance Group at Lehman Brothers.

Ms. Peterson earned her M.B.A. from the Stanford Graduate School of Business and graduated Phi Beta Kappa with a B.A. from the University of California, Berkeley.

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EMEA 

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Jonathan Harris

Senior Managing Director – London
T: +44 20 3037 2520
E: jonathan.harris@macquarie.com

Mr. Harris joined Macquarie in 1996 and is currently Head of Real Estate Advisory for the EMEA based in London. Mr. Harris has over 20 years of financial services experience. At Macquarie, he has led mergers and acquisitions, restructurings, and capital raising assignments across listed and private capital markets in Europe and Australia. Prior to joining Macquarie, he worked in the London and Melbourne offices of Arthur Andersen.

Mr. Harris earned his M.B.A. from University of Melbourne and graduated with a B.A. (Hons) from the University of Salford.

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Desi Co

Managing Director – London
T: +44 20 3037 2082
E: desi.co@macquarie.com

Mr. Co joined Macquarie in 2010 and is currently a Managing Director based in London. Mr. Co has over 17 years of private capital raising experience. He was previously a Partner and co-founder of Presidio Partners, a leading real estate private equity placement firm. While at Presidio, he was responsible for client management, capital raising, due diligence and compliance activities. Prior to founding Presidio, he was a Vice President in the Real Estate Private Equity Group of Banc of America Securities. Prior to that, he was a Senior Accountant with Ernst and Young.

Mr. Co earned his M.B.A. from the University of Michigan Business School and graduated with a B.A. from the University of California, Los Angeles.

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Faris Mansour

Senior Vice President – Dubai
T: +971 4 436 1716
E: faris.mansour@macquarie.com

Mr. Mansour joined Macquarie in 2008 and is currently a Senior Vice President, based in Dubai. Mr. Mansour has over 15 years of financial advisory experience. At Macquarie, he has advised prominent real estate groups in the Middle East and arranged public private partnerships and joint venture partnerships. Prior to joining Macquarie, he was a Vice President with the Bank of Montreal where he led the establishment of a US corporate finance and advisory practice focused on real estate. Prior to that, he was a Partner of Silver Portal Capital, an Associate at JP Morgan Chase, and an Analyst at EVEREN Securities.

Mr. Mansour graduated with a B.A. from the University of Chicago.

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Asia Pacific 

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Antony Green

Senior Managing Director – Sydney
T: +61 2 8232 8576
E: antony.green@macquarie.com

Mr. Green joined Macquarie in 2004 and is currently Joint Global Head of Real Estate Advisory based in Australia with responsibility for Asia. Mr. Green has over 16 years of real estate advisory experience. He led the expansion of Macquarie’s real estate advisory and capital raising business in Asia. His transaction experience spans across mergers and acquisitions, equity and debt capital markets, and structured finance. Prior to joining Macquarie, he oversaw the establishment of JP Morgan’s Asia-Pacific real estate investment banking group (ex. Japan).

Mr. Green earned his Graduate Diploma in Legal Practice from the University of Technology, Sydney and Graduate Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia (formerly Securities Institute of Australia). He graduated with a B.Com. and an LL.B. from the University of New South Wales.

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Chris Green

Senior Managing Director – Sydney
T: +61 2 8232 4990
E: chris.green@macquarie.com

Mr. Green joined Macquarie in 2002 and is currently Joint Global Head of Real Estate Advisory based in Australia with responsibility for the Americas and EMEA. Mr. Green has over 11 years of real estate experience. At Macquarie, he has been involved in domestic and cross-border assignments spanning across mergers and acquisitions, initial public offerings, secondary equity raisings, hybrid security issues, business divestments, private capital fund raisings, private investments in public equities, principal lendings, and debt restructurings. Prior to joining Macquarie, he worked in the Business Services Division of PricewaterhouseCoopers.

Mr. Green graduated with a B.Com. and an LL.B. (Hons) from the University of Sydney.

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Brett Robson

Senior Managing Director – Sydney
T: +61 2 8232 6426
E: brett.robson@macquarie.com

Mr. Robson joined Macquarie in 2003 and is currently the Global Head of Private Capital Markets based in Australia. Mr. Robson has over 20 years of real estate experience. At Macquarie, he has led the majority of the successful real estate capital raising assignments with funds invested across Australia, Asia, Europe and North America. Prior to joining Macquarie, Mr. Robson was a real estate fund manager for Lend Lease, where he had 12 years of direct experience spanning across fund, asset and development management.

Mr. Robson earned his Graduate Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia (formerly Securities Institute of Australia), and graduated with a B.Econ. from the University of Western Australia.

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Keith Chan

Managing Director – Hong Kong
T: +852 3922 3667
E: keith.chan@macquarie.com

Mr. Chan joined Macquarie in 2007 and is currently Head of Real Estate Advisory for Hong Kong and Greater China, based in Hong Kong. Mr. Chan has over 15 years of real estate advisory experience. Prior to joining Macquarie, he was an Executive Director at JP Morgan, where he was involved in private capital raising and financial advisory for Chinese real estate companies. Prior to JP Morgan, he worked in the Investment Banking Division of HSBC, where he led a range of assignments including initial public offerings, corporate restructurings, private financings, bond issues, and mergers and acquisitions. Prior to that, he worked within the Project Finance Department of UBS.

Mr. Chan earned his M.B.A. from the University of Wisconsin, Madison, and graduated with a B.B.A. from University of Wisconsin, Madison.

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Michael Chan

Senior Vice President – Singapore
T: +65 6601 0086
E: michael.chan@macquarie.com

Mr. Chan joined Macquarie in 2005 and is currently a Senior Vice President based in Singapore. Mr. Chan has over 10 years of private capital raising and real estate advisory experience. At Macquarie, he has led a range of assignments including the establishment and raising of capital for real estate funds, investment clubs and joint ventures, and private capital-related mergers and acquisitions. Prior to joining Macquarie, he worked for JP Morgan Securities in Asia and Australia.

Mr. Chan graduated with a B.Econ. (Hons) from the University of Sydney.

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