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Last year, Aqualand invested a 15 per cent stake in McGrath, and it has now lifted it to 18.5 per cent.
This is a strategic investment by the Chinese residential property developer, and it comes as the residential market picks up.
The acquisition of the shares came after a strategic relationship between the two companies was struck last year, which allowed them to explore opportunities to work together on future prestige project marketing opportunities.
“We are delighted that Aqualand has further committed to McGrath with the belief that our transformation plan is gaining traction, while also looking to take advantage of any strategic opportunities,” McGrath CEO Geoff Lucas said.
Aqualand has development sites in Sydney worth about $5 billion which include the REVY apartments at Pyrmont, the Blue apartment project at Lavender Bay and the Central Barangaroo site.
Aqualand Group investment arm AL Capital’s CEO, Wayne Mo, said the company has “great confidence in McGrath”.
“This increased strategic investment demonstrates our continued confidence and support for the turnaround progress driven by the McGrath management team,” he said.
Aqualand Group is the second-largest shareholder in the real estate agency, behind its founder John McGrath.
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