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.
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