Hong Kong, 28 October 2008
Macquarie Group Limited (Macquarie) advises that its banking subsidiary, Macquarie Bank Limited, has sold its interests in the Hong Kong platform of Macquarie Goodman Asia (MGA) to joint venture partner, Goodman Group (Goodman) for $A200 million.
The transaction will result in Macquarie booking a small net profit after tax, which will be brought to account in the half year to 31 March 2009.
Goodman will purchase Macquarie’s interests in MGA’s Hong Kong platform comprising:
Macquarie has also sold its rights to 50% of any new fund management business that Goodman establishes in Asia, excluding Japan.
Macquarie Group Chief Financial Officer Greg Ward said: “This is a good opportunity for Macquarie and it is the right time to realise the value in these interests to allow us to redeploy capital into new and existing growth opportunities.
“This announcement reflects our long held real estate strategy of investing with partners to build businesses to maturity.”
Macquarie continues to build its extensive pan-Asian platform covering nine countries.