22 November 2005

Hong Kong property investment

Macquarie Goodman Group plans to launch a Hong Kong real estate investment vehicle in 2006, chairman David Clarke told the industrial property group's annual meeting.

Clarke said the Macquarie Bank managed group's growing Asian business will help it deliver distributions of 0.275 aud per security in the June 2006 fiscal year up from last year's 0.2396 aud distribution.

'Over the past year we have increased our profile in Asia and made acquisitions that will deliver continued earnings growth for our security holders,' he said.

He said the group will continue to pursue third party funds management opportunities and to develop its business in Asia.

During fiscal 2005 Clarke said Macquarie Goodman Group invested 973 mln aud in acquisitions, about a quarter of which represented it first exposure in Hong Kong. The group now owns Hong Kong properties worth more than 585 mln aud.

Forbes reports.