By Mario Marroquin
Australian commercial real estate firm MaxCap Group secured
a $600 million commitment from Dutch pension APG this week. APG agreed to
exercise an option it secured in 2019 and invested a second tranche of $300
million for first mortgages across all real estate assets in MaxCap’s portfolio.
“The withdrawal of the four major Australian banks from
commercial real estate debt exposure is causing a lack of supply of new
residential units,” Graeme Torre, APG’s managing director and head of real
estate, Asia Pacific, said in a statement. “By assisting developers proceed
with their construction, we are indirectly supporting the Australian
residential sector by increasing the supply of new units.
“APG and MaxCap also lend to industrial, retail, office and
hotel development projects, but these are less common.”
MaxCap agreed to an additional $1.2 billion re-up option for
APG, which increased its investment on behalf of its pension fund clients ABP,
SPW and PPF APG.
According to Australian publisher AFR, APG’s funding is behind
the development of the Pienza Neutral Bay Village development in North Sydney.
The Australian real estate investment firm sold a 50% stake
of its business to Apollo Global Management in September.
As of June, APG’s AUM stood at EUR 553 billion ($570 billion).