29 September 2005 - Macquarie Global Property Advisors Limited (MGPA), a private equity real estate fund management company, today announced the final closing of its new real estate private equity fund, Macquarie Global Property Fund II (MGP Fund II), having raised approximately US$1.3 billion.

MGP Fund II was substantially oversubscribed and closed well in excess of the initial US$750 million target. The new fund will have over US$5 billion in buying power and has already closed on two investments in Tokyo worth US$219 million.

MGP Fund II consists of two funds, MGP Asia Fund II and MGP Europe Fund II, which will be investing in real estate assets in Asia and Europe respectively.

MGP Fund II has commitments from a broad range of international investors including strong demand from corporate and public pension funds looking for exposure to the Asian and European property markets. There was a substantial level of renewed commitments from existing investors in MGPA’s first fund, Global Fund I.

MGPA, Chief Executive Officer, James Quille, said “The strong demand for investing in this fund is indicative of the investors’ appreciation of the depth of knowledge and experience MGPA has in its offices in Asia and Europe and their belief in our ability to capitalise on the opportunities emerging in these regions.”

Through this fund, MGPA will focus on investing in value-added and opportunistic real estate investments in a wide range of sectors including, office, retail, residential, industrial and logistics.

As with MGPA’s Global Fund I, the Company will target acquisitions of companies, portfolios and single assets and will also undertake developments in certain markets.

“We will continue to look for investments where we know we can add value through redevelopment and active asset management which are areas in which our team has proven expertise,” said MGPA’s Chief Executive Officer, James Quille.

MGPA has considerable experience in the Asian and European property markets and is ideally placed with offices and experienced teams established in key cities. MGPA is headquartered in Bermuda and has offices in London, Luxembourg, Hong Kong and Tokyo, and associates in Munich, Paris, Brussels, Seoul and Shanghai. MGPA’s employees include investment professionals who are experienced in each of the key markets and are able to source opportunities as they arise and effectively manage investments.

“We have a strong pipeline of potential investments and MGP Fund II is well-timed to capitalise on opportunities arising from the current economic environment in Asia and Europe,” said Mr Quille.

Initial target markets include Germany, France, the United Kingdom and Scandinavia in Europe and Japan, Korea, China and Hong Kong in Asia.

MGP Fund II is the second private equity real estate fund to be raised by MGPA, with Global Fund I having closed in 2000 and invested in properties with a combined value of US$3.1 billion over the life of the fund.

“We believe that MGP Fund II will add to our already strong track record of superior investment and asset management in Asia and Europe,” said Mr Quille.

Macquarie Capital Partners were the placement agents for raising the capital for MGP Fund II.