From Business Spectator:
"Macquarie Group Ltd has reached an agreement with Rismark International, to take a 53 per cent stake in the Sydney-based real estate funds management and research group for an undisclosed price.
Under the agreement, Macquarie Funds Group (MFG) will provide back-office funds management infrastructure and operational support services.
MFG head Shemara Wikramanayake said that the deal adds to the range of investment options it offers to its clients.
“The investment in Rismark gives our clients access to Rismark’s well-diversified residential real estate investment funds,” Mr Wikramanayake said.
“In addition to acquiring a shareholding in Rismark, Macquarie’s commitment to co-invest in these funds demonstrates our support for Rismark’s investment strategies.”
Rismark said that it had received interest from other major institutional investors, including global private equity firm, JC Flowers, but chose to partner with Macquarie.
Macquarie made an initial $5 million venture capital investment in Rismark in 2005.
Rismark’s remaining shareholders include management, Bendigo & Adelaide Bank, QBE Insurance and the LJCB Investment Group."
You can also read the full media release here. In other coverage, see Money Management here and The Australian here.
