While Melbourne real estate house Qualitas is the talk of the town thanks to its eye-watering mandate, rival MaxCap has gone one better.
MaxCap’s investments include a $97 debt facility to Franze Developments’ Geelong Quarter in the regional Victorian city of Geelong.Not to be outdone by Qualitas’ $700 million from ADIA, MaxCap is understood to have received a near $1 billion cheque from its now biggest client, Apollo Global Management.
Sources said MaxCap was looking to deploy the capital in the property credit market, providing construction facilities, first mortgages on land and the like, at a time when there’s no shortage of deals for credit funds. It’s not surprising to see Apollo Global go big in property credit - it is the firm’s bread and butter globally. It’s also not surprising seeing it getting closer to MaxCap, with Apollo having taken aBut it’s interesting to see the sheer size of Apollo’s commitment, particularly at a time when analysts and property market watchers are fawning over Qualitas. The company’s shares are up nearly 40 per cent this week.
co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.
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