CHARLESTON, SC - Greystar Real Estate Partners and Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie Group, announced that they have signed a letter of intent to jointly form and capitalize a new Asia-Pacific rental housing platform, Greystar Asia-Pac.
Greystar Asia-Pac plans to raise institutional capital to acquire, develop, reposition and manage rental residential assets across the region. Greystar is a global leader in the investment, development and management of rental housing, operating over 400,000 rental units in 160 markets globally with an ownership interest in assets worth $14.0B. The expansion into the Asia-Pacific region advances Greystar’s successful international growth strategy - which includes current operations in the United Kingdom, Europe and Latin America - and underscores a long-standing advisory relationship with Macquarie Capital.
Greystar Asia-Pac, the jointly owned venture between Greystar and Macquarie Capital under consideration, would be Greystar’s and Macquarie Capital’s exclusive platform in the rental residential space in the Asia-Pacific region. Initial investment opportunities are being evaluated and anticipated to include assets in the Tokyo, Beijing, Shanghai, Sydney and Melbourne markets.
The proposed joint venture will combine Macquarie Capital’s deep relationships and proven track record in the region with Greystar’s rental housing expertise, creating an attractive opportunity for Greystar to grow and enhance its presence in Asia-Pac.
“My original vision when starting Greystar in the early 1990s was to build a blue chip company that could help professionalize the rental housing industry for institutional capital in the US,” said Bob Faith, Founder and CEO of Greystar. “We view our opportunity in the Asia-Pacific as a natural extension of our original strategy and believe a partnership with Macquarie provides valuable regional experience and expertise. We intend to build the leading rental residential company within the major cities of the region.”
Chris Green, Global Head of Real Estate at Macquarie Capital said: “Macquarie Capital has a longstanding relationship with Greystar and we are very pleased to be working with Bob Faith and the high caliber Greystar team in expanding to the Asia-Pacific region. We continue to see deep demand from global institutional investors for multifamily and student accommodation real estate, and believe a combination of Greystar’s residential expertise and Macquarie Capital’s Asia-Pacific strength will be a successful platform.”