Australia's second largest investment bank Babcock & Brown and fourth biggest property group GPT have injected a further $800 million into a joint venture to boost their offshore real estate assets.
The additional capital brings the total equity of the partnership to $2.2 billion.
The $800 million will be used to continue the venture's worldwide pursuit of real estate investment, trading and development prospects and to support the growth of its funds management arm.
Assets acquired by the venture will be used to start both un-listed and listed funds to grow the capital base.
South-East Asia might be pursued alongside the venture's concentration of markets in Europe and the United States, a Babcock & Brown spokeswoman said.
The firm recently launched a listed fund in Singapore.
The capital will also be used to continue the creation of a European Retail fund with sights on extending to the US.
Since its establishment in June 2005, the joint venture has acquired $5.7 million assets in Europe and the US, with 41 per cent of these in German residential developments worth $2.4 billion.
The injection of capital is an expansion of an "extremely successful" joint venture for both parties that should produce growth and attractive returns, said Babcock & Brown Global Head of Real Estate Eric Lucas.
Babcock & Brown shares dipped on the close yesterday, down 17 cents at $22.93.
