ICPF AND MREI ENTER AGREEMENT IN RESPECT OF INVESTA OFFICE MANAGEMENT HOLDINGS
ICPF Holdco, part of the Investa Commercial Property Fund (ICPF), and Macquarie Capital Real Estate Investments (MREI), the real estate principal investment arm of Macquarie Capital, today announce that they have entered into an agreement for MREI to acquire 50% of Investa Office Management Holdings (“Investa” or “the Platform”) from ICPF.
The transaction supports Investa’s long-term strategic objectives and maintains the strength and quality of its integrated management platform as the pre-eminent provider of property services for Australian commercial office properties. The Platform has demonstrated its capacity to deliver market-leading returns throughout the property cycle and this will remain a core focus.
Investa CEO Jonathan Callaghan said the investment by MREI made excellent strategic sense.
“MREI brings a proven track record of growing long-term value of management platform investments and has complementary skill sets we can leverage,” Mr Callaghan said.
“Further, MREI’s strong capital raising and investment capability is expected to create future partnership opportunities.”
Following this transaction there will be no change to the Platform’s operational and governance policies, including the Resolution of Conflict Policy, or the Platform’s management team, which will continue to be responsible for day-to-day management and operations. The Board of Investa will comprise an equal number of ICPF and MREI nominee directors.
ICPF advises it has written to the Chairman of Investa Listed Funds Management Limited (ILFML) to confirm that, following the transaction with MREI, that ICPF can vote its 19.99% stake in relation to Blackstone’s proposal to acquire 100% of Investa Office Fund (IOF).
For further information, please contact:
Miche Paterson, Newgate Communications - 0400 353 762
Media Release available here.