Macquarie, Forum commit to Crescent Australia investee Bluestone
Macquarie Bank is to acquire around 17.5% of Australian capital and asset management business Bluestone Group, already invested by Crescent Capital Partners, while real estate investment firm Forum Partners is refinancing some A$20 million ($19.2 million) of its debt as part of the same deal.
According to Bluestone Group's announcement, Macquarie's capital support will be used to fund its expansion into Europe, where the company already operates a London office, alongside its Australia and New Zealand presences. Bluestone built its business as a residential and later commercial mortgage lender in Australasia, commencing in 2000, and later diversified into portfolio management. Crescent first made a growth capital investment in Bluestone in 2002. Both Macquarie and Crescent confirmed the deal to AVCJ, without offering further comment.
Forum is backing the refinancing with capital from its recently closed, Asia Pacific-focused Forum Asian Realty Income III fund. According to the announcement, Forum and Bluestone will work together on co-investments in Australasia in future. Bank of Scotland's Australian division is also a stakeholder in Bluestone Group.
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