Australia's Macquarie Group will acquire Presidio Partners LLC, a San Francisco and Chicago-based firm that raises private capital for real estate transactions. Terms of the deal were not disclosed.
The transaction follows Macquarie's hiring of a six-person commercial mortgage finance/commercial mortgage-backed securities team in New York in July.
Macquarie said Presidio's strengths in the U.S. and European markets fit with its strength doing private capital deals in the Asia/Pacific region. The combination will have a 19 person private capital team which in the past has raised $30 billion for 390 institutions worldwide. Presidio has raised nearly $12 billion for 21 deals since 2003.
Brett Robson, global head of Macquarie Real Estate Private Capital Markets, said, “We are seeing an increasing co-dependence of private and public capital in real estate transactions along with an increased globalization of capital flows."
The four founding principals of Presidio, Jack Berquist, Alan Braxton, Desi Co and Markus Trice, will join Macquarie as managing directors.
Co said “Macquarie will assist with proprietary and third party overseas capital for potential U.S. investment opportunities. We will work together to provide our key institutional relationships with globally accessed club and direct investment opportunities.”
The transaction is expected to close in the fourth quarter.
