Macquarie to list its first US property fund
Macquarie Bankhas struck a joint venture agreement with ProLogis, a North American commercial property company, to roll out its first listed US property trust on theAustralian Stock Exchange.
The listed property trust, called Macquarie ProLogis Trust (MPT) will take an 80 per cent share in a broad portfolio of state-of-the-art distribution centres in key North American markets valued at approximately A$800 million.
Macquarie ProLogis Management, the management team behind the trust, will issue a product disclosure statement (PDS) in early June and raise up to A$400 million equity. The PDS will be available through Macquarie Equities and UBS Warburg Australia Ltd.
MPT plans to issue units payable in two instalments to fund the acquisition, 75 per cent in the first block, with an additional 25 per cent payable by June, 2003. Potential investors should consider the PDS in deciding whether to acquire units in MPT.
Under the terms of the agreement, PLD will manage the assets located in the United States and Mexico, while MBL will manage the trust, which has the right to acquire further PLD North American developments that ProLogis decides to sell, until at least the end of 2003.
MPT will be the fifth sector-specific listed property trust managed by MBL’s growing Property Group, taking the total value of assets it has under management to A$5.7 billion.
Macquarie Bank Limited managing director and chief executive, Allan Moss, says MPT was an excellent example of Macquarie Bank’s strategy to diversify and expand its range of specialist listed funds and to deliver strong investor returns.
ProLogis owns, manages or has under development 1571 distribution facilities in 77 markets across North America, Europe and Japan.
Recommended for you
Infrastructure assets are well-positioned to hedge against global uncertainty and can enhance the diversification of traditional portfolios with their evergreen characteristics, an investment chief believes.
Volatility in US markets means currency is becoming a critical decision factor in Australian investors’ ETF selection this year.
Clime Investment Management is overhauling the selection process for its APLs, with managing director Michael Baragwanath describing the threat of a product failure affecting clients as “pure nightmare fuel”.
Global X will expand its ETF range of exchange-traded funds next month with a low-cost Australian equity product as it chases ambitions of becoming a top issuer of ETFs in Australia.
