Macquarie launches Reit of Reits

Australian bank hopes to take development of Reit sector one step further with an IPO mixing listed and unlisted Reit assets.

Roadshows began last week for an S$1.049 billion $680 million IPO by Macquarie International Real Estate Fund. The DBS and Macquarie led deal employs the fund of fund concept to the Reit sector and complements the Australian bank's existing infrastructure fund of funds - Macquarie International Infrastructure Fund, which was floated in Singapore earlier this year.

The group appears to have picked a particularly auspicious moment to launch the deal, following remarks last week by outgoing US Federal Reserve head Alan Greenspan about the interest rate cycle. His belief that the Fed may be coming to the end of a rising interest rate cycle has prompted a re-bound in property stocks...

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