Macquarie Goodman is expected to be third in line to launch a Hong Kong REIT.
The move is expected sometime in early 2006, according to Colliers director in Hong Kong, Herrick Lee.
Lee says that following on from the Link and Prosperity REITs, Macquarie Goodman, operating in a new venture with Macquarie Bank, will launch a USD2bn REIT portfolio.
Macquarie Bank in Australia has announced that it will co-invest in Macquarie Goodman’s portfolio of Hong Kong industrial properties and the two firms will jointly develop a REIT business in Asia.
The joint venture has secured three Hong Kong properties valued in excess of AUD585m.
To date Macquarie Goodman has funded these acquisitions.
“Macquarie is positioning itself as a leader in the Asian REIT market and this transaction allows us to work together with Macquarie Goodman to create a robust business platform in Hong Kong,” said Macquarie Bank executive director James Hodgkinson.
“This latest acquisition is a significant step in the expansion of our strategy to establish REIT products throughout the region,” he added.