Listed real estate agency and consultancy McGrath has entered into a deal with Newground Capital Partners, an alternative asset manager with its UK-based parent company.
The alliance will help boost McGrath’s projects division and residential business by providing equity capital to developers who use the company’s real estate services. Newground was recently acquired by London-listed alternative asset manager Intermediate Capital Group, which manages $ 74.5 billion in private debt, credit and equity.
McGrath Managing Director Eddie Law has used his finance background in structured commercial real estate debt financing and global institutional real estate asset financing. Prior to joining McGrath, he was Executive Director of Newground Capital Partners.
“The intention is to leverage our proven core capabilities of agency project marketing, property management and mortgage provision to buyers by acting as an intermediary for the provision of development capital, to assist the developer. to acquire and develop the site, “he said.
“The developers are delighted that McGrath is essentially a one-stop shop for providing capital, agency and management services on a competitive market basis.”
McGrath is a $ 100 million ASX-listed stock with more than 107 offices on the east coast. It was founded by John McGrath in 1988 and he is the principal shareholder.
Daniel Erez, head of real estate in Australia and New Zealand for ICG-Newground, said that in a strong residential market, developers need to act quickly and decisively, knowing that their financier can move with them.