Macquarie Bank Ltd
(ASX:MBL) has acquired a 17.5 per cent stake in asset management firm Bluestone Group through the subscription of newly issued ordinary shares.
Bluestone says it will use the funds to support the firms’ European expansion as well as build on its Australian and New Zealand businesses.
Bluestone has also refinanced $20 million of debt with real estate investment fund manager Forum Partners.
Representatives from both Macquarie and Forum Partners will join the board of Bluestone.
For the half year ended 30 September 2010, Macquarie Bank reported a net profit of $411 million.
