McGrath and ICG-Newground form alliance to boost finance access for development projects

McGrath Estate Agents has entered into a referral agreement with Newground Capital Partners

McGrath and ICG-Newground form alliance to boost finance access for development projects
Eddie Law, McGrath's chief executive

McGrath Estate Agents has entered into a referral agreement with Newground Capital Partners.

The alliance expects to broaden its sales capability across its apartment projects business, McGrath chief Eddie Law said.

ICG-Newground is a company headed by London listed alternative asset manager Intermediate Capital Group (“ICG”).

Law said McGrath was often the first point of contact for developers to determine site availability and market sentiment and to formulate product type, format and price.

“The intent is to leverage of our proven core capabilities of agency project marketing, property management and buyer mortgage provision, by acting as a conduit to the delivery of development capital, to assist the developer both acquire and develop the site."

He said McGrath want to be a “one stop shop” to deliver capital, agency and management services on a market competitive basis with ICG-Newground having an entrepreneurial approach to doing business not necessarily seen by traditional banking institutions. 

"We are already engaging and quoting actively on several residential property development opportunities in both Sydney, Melbourne and Brisbane."

Daniel Erez, head of real estate Australia & New Zealand for ICG-Newground said in a strong residential market, developers need to act quickly and decisively knowing that their financier can move with them. 

ICG Plc, which manages $74.5 billion in private debt, credit, and equity, will launched a new real estate credit fund targeting a $1 billion raise.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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