Macquarie Office Trust targets Principal
Tuesday 20 July 2004
Macquarie Office Trust, a real estate investment fund managed by Australia's biggest investment bank, proposed buying Principal America Office Trust, valued at A$813 million ($903 million), to expand in the US market.
By The Landlord
Sydney-based Principal, which owns 11 office towers in nine US cities, said that Macquarie Office submitted a takeover proposal. No agreement has been reached, according to Macquarie Office, which owns 24 Australian properties and in December bought stakes in two offices in the state of Delaware.A merger would create a business with assets of A$2.9 billion as Australian real estate trusts combine to reduce costs.
Mergers among Australian property companies have more than tripled to $26 billion so far this year from the year-earlier period. That includes Westfield Holdings' decision last month to merge its trusts and form the world's biggest owner of shopping malls.
Read More - Opens in a new window
Commenting is closed
Property News
More than fair “wear and tear”
Proving tenant liability for damage has long been a major worry for landlords but a recent Tenancy Tribunal shows that it can be done.
House Prices
No stopping Capital price rises
There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Mortgages
LVR loosening likely - ANZ
LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.
