By: Jessica Darnbrough
Macquarie Funds Group has taken a 53 per cent stake in Sydney-based residential real estate funds management and research group Rismark for an undisclosed amount.
According to an announcement by Rismark, Macquarie will co-invest in the company’s residential managed funds.
In addition, Macquarie will also provide Rismark with global fund raising expertise, back-office funds management infrastructure and operational support services.
Shemara Wikramanayake, head of Macquarie Funds Group, said the partnership would give the company’s clients access to Rismark’s well-diversified residential real estate investment funds.
“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,” she said.
Rismark’s managing director Christopher Joye said the funds management group had recognised the need to introduce a global, institutional investment partner to expand its funds management business and assist in servicing the needs of local and offshore clients.
“Partnering with Macquarie will assist Rismark to meet these aims,” he said.
“While residential real estate is one of the world's largest asset classes, it has historically been inaccessible to institutional investors on a well-diversified, cost-effective, and scalable basis."
Rismark’s equity finance mortgages allow borrowers to buy homes with a smaller deposit and make smaller monthly payments in return for sharing some of the capital gain with investors in the group’s funds when the property is sold.
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