Macquarie Group has entered into an agreement to acquire 100 per cent of the membership interests in Presidio Partners, a US-based real estate private capital raising and advisory firm.
Terms of the transaction were not disclosed and the transaction is expected to close in the fourth quarter of 2010, subject to regulatory approvals and other customary closing conditions.
Presidio’s strength in the US and Europe, in combination with Macquarie’s position in Asia Pacific, will create a global real estate private capital markets platform.
The combined platform will have a 19 person private capital team, who have raised a combined USD30bn for private real estate transactions from 390 institutions in Europe, North America, the Middle East, and Asia Pacific since 2003.
The private capital team will be supported by Macquarie’s broader real estate advisory, equities and debt capital markets business.
Chris Green, co-global head, Macquarie Capital Advisor’s real estate group, says: "The addition of the Presidio team to Macquarie’s existing real estate platform will bolster our real estate offering and increases investor and client coverage across all major developed markets and key emerging markets. Their long-term industry experience provides Macquarie with additional real estate private capital markets capabilities in the US and Europe, and is a natural complement to our preeminent franchise in the Asia Pacific region."
The acquisition of the private capital team follows the recent hire of a six person CMBS team in the US.
Desi Co (pictured), partner of Presidio Partners, says: "We are excited to be able to bring our experience and client relationships to Macquarie. Our clients will still receive the same personalised, institutional quality senior attention that they’re accustomed to, but will now be able to benefit from the reach of Macquarie’s global platform and its broad range of investment banking services."
