Macquarie Bank has taken a $30 million stake in local property group St Hilliers Property.
Under the deal, St Hilliers construction and property divisions will be divided into two separate groups with a board established for the new business.
The new board will include St Hillier chief executive chairman Tim Casey and Trevor Gerber, who is a director of both Macquarie Airports and Macquarie ProLogis Trust.
Macquarie executives Matthew Banks and Graeme Wilson and Mirvac former chief financial officer Dennis Broit will join the board.
"We have worked with St Hilliers across a number of property activities and are confident the new venture will become a significant operator in property funds management and development," Banks said.
A new fund will be launched early next year by the business and is expected to raise between $70 million and $100 million.
St Hillier manages more than $450 million worth of property projects.
The new business will have its own brand and will operate separately from Macquarie's property businesses.
