Macquarie, AXA venture offshore
Australian funds management groups have continued their push into Asia, with both Macquarie Bank and AXA Asia Pacific announcing significant new moves offshore.
Macquarie said overnight it intended to pay up to $182 million for a 25 per cent stake in a Singaporean-based real estate trust, Prime REIT, which will be listed on the Singaporean Stock Exchange.
The trust, which has a market capitalisation of approximately $800 million and already has holdings in two high-end shopping and office complexes in Singapore’s Orchard Road tourist precinct, will invest in retail and office properties throughout Asia.
Macquarie has also entered into a call option agreement to acquire a 50 per cent stake in the trust’s manager and property manager, both subsidiaries of Pacific Star Holdings, which is part of a Singaporean investment conglomerate.
Macquarie intends to exercise the option after Prime REIT is listed in September.
Axa, meanwhile, announced today it had entered into a joint venture agreement with a Malaysian funds management group, Affin Holdings Berhard, to purchase Malaysian life insurer Tahan Insurance Malaysia Berhad.
The joint venture deal will give the life insurer exclusive distribution rights through Affin Bank, part of the Affin Holdings group.
AXA did not disclose the purchase price.
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