Macquarie Group Ltd
(ASX:MQG) will sell the majority of its core real estate management platform to property funds manager Charter Hall Group Ltd
(ASX:CHC).
Charter Hall will raise $305 million in new equity to acquire stakes in Macquarie Office Trust, Macquarie CountryWide Trust and the unlisted Macquarie Direct Property Fund.
The company will also pay $108 million for the management rights over these entities and two other unlisted Macquarie funds.
The placement will give Macquarie a 10% stake in Charter Hall.
Macquarie Group reported a profit of $871 million for the 12 months to March 30, 2009.
