Macquarie raises $1.9bn for opportunistic real estate fund
Macquarie Asset Management has raised $1.9bn (£1.5bn) in the final close of its Macquarie Real Estate Partners opportunistic fund, which will deploy equity across fund commitments and co-investments.
MREP is the second vehicle in Macquarie Asset Management Real Estate’s opportunistic fund series, following MREP Asia 1, its Asia-Pacific opportunistic real estate partnership. MREP Asia 1 held its final close in 2021 and has since been deployed across developed markets in the region.
Macquarie said MREP attracted equity from a “strong contingent” of institutions, including pension and sovereign wealth funds in Australia, Canada and the Middle East. Its mandate is focused predominantly on developed markets.
Macquarie Asset Management has raised $1.9bn (£1.5bn) in the final close of its Macquarie Real Estate Partners opportunistic fund, which will deploy equity across fund commitments and co-investments.
MREP is the second vehicle in Macquarie Asset Management Real Estate’s opportunistic fund series, following MREP Asia 1, its Asia-Pacific opportunistic real estate partnership. MREP Asia 1 held its final close in 2021 and has since been deployed across developed markets in the region.
Macquarie said MREP attracted equity from a “strong contingent” of institutions, including pension and sovereign wealth funds in Australia, Canada and the Middle East. Its mandate is focused predominantly on developed markets.
The series’ strategy focuses on creating a diversified portfolio targeting sectors aligning with the “key global themes of technology, demographic shifts and sustainability”.
To date, capital from MREP has been deployed across the logistics, living and new-economy office sectors. This includes rental housing platform Goodstone Living in the UK; European sustainable office developer Edge; logistics warehousing groups, such as Logistics Property Company in the US and Unified Industrial in Asia-Pacific; and a partnership with US self-storage specialist LaTerra Storage.
The portfolio also includes an investment in a land lease community business in Australia, which aims to meet housing requirements for those aged over 55.
MREP said its investments and partnerships with specialist operators would boost its access to opportunities that the real estate cycle presents over the next 12-18 months.
The broader series has invested in Australian build-to-rent platform Local Residential and specialist residential community developer Winton in New Zealand.
Macquarie’s opportunistic real estate team has partnered with, and invested in, 18 specialist operators since 2009.
Eric Wurtzebach, global head of real estate at Macquarie Asset Management, said: “Our existing and new investors have demonstrated strong support for this strategy which both enhances our access to high-quality real estate and provides an opportunity to generate alpha.”
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