Aqualand takes bigger stake in McGrath estate agency

The Chinese developer Aqualand has lifted its investment in the ASX listed McGrath estate agency from 15 per cent to 18.5 per cent.

The increase in its stake follows Aqualand’s acquisition of an initial 15 per cent in McGrath last year. 

Aqualand will remain McGrath’s second largest shareholder, behind John McGrath's own 22 percent stake.

The acquisition of shares by Aqualand follows a strategic relationship being struck with McGrath last year to explore opportunities for both groups to work more closely together on future prestige project marketing opportunities.

McGrath CEO Geoff Lucas said Aqualand further committed to McGrath "with the belief that our transformation plan is gaining traction, while also looking to take advantage of any strategic opportunities.”

“AL Capital and the Aqualand Group have great confidence in McGrath," Wayne Mo, CEO of Aqualand Group’s investment arm AL Capital said.

There have not been any apartment projects being marketed by McGrath. McGrath shares closed yesterday at $0.215.

Aqualand bought its initial shares when the shares were trading at around $0.425 per share.

Recently Aqualand Australia finally sold its last apartment in Upper North Shore project The Heysen, Turramurra which had two apartments remaining for sale last November. 

Last month Aqualand secured the development stake of Barangaroo Central from Oxford Properties.