- MA Financial announces the acquisition of IP Generation for a fixed consideration of $90.4 million, expanding scale, breadth and capability of its real estate asset management business
- Acquisition increases MA Financial real estate AUM to ~$8 billion and overall AUM to over $12 billion
- Acquisition anticipated to be earnings accretive to MA Financial in FY25 on a full year pro forma basis.
Sydney, 22 May 2025 – MA Financial Group, a global alternative asset manager, has announced the acquisition of IP Generation (IPG), a specialist real estate investment management firm based in Melbourne for a fixed consideration of $90.4 million predominately in MAF shares. The business will be integrated into MA Financial’s real estate Asset Management platform, growing its real estate assets under management (AUM) to ~$8 billion and overall AUM to over $12 billion.
Established in 2018, IPG manages ~$2 billion of retail shopping centre assets across 10 funds that own 14 shopping centres located in New South Wales, Queensland, Victoria and Western Australia on behalf of high net wealth investors.
Julian Biggins, Joint CEO of MA Financial, said: “IP Generation has an impressive track-record in securing assets, raising capital and delivering strong returns to its investors. Its complementary, high growth real estate funds management platform will give our (MA Financial) real estate Asset Management business immediate additional scale, expanded and diversified distribution channels and an increased Melbourne presence and investor base.”
IPG’s 29 real estate investment professionals will join MA Financial’s real estate Asset Management business creating a broad real estate funds management platform managing ~$8 billion in core, alternative and real estate credit assets.
Following completion of the acquisition IPG’s Founder and CEO Chris Lock will assume the role of Head of Core Real Estate at MA Financial and be responsible for the performance of the Core Real Estate business and its funds, and will be supported by long-time IPG COO Ingrid van Dijken. IPG Chairman David Blight and Director Greg Miles will join MA Financial’s real estate Asset Management team in leadership roles.
The $90.4 million purchase price represents a multiple of 7.9x FY24 normalised EBITDA. The acquisition consideration includes an $80.0 million upfront component payable 100% in MAF shares which will be issued subject to vesting conditions, and $10.4 million in deferred consideration payable 50% in cash and 50% in MAF shares in 12 months’ time. The combination of IPG and MA Financial delivers significant synergies and scale benefits and is expected to be accretive to MA Financial’s FY25 underlying earnings per share on a full year pro forma basis.
Julian Biggins, Joint CEO of MA Financial, said: "This important strategic and complementary acquisition builds scale in our core real estate business at an attractive once in a cycle opportunity in the real estate market. We have a long association with IP Generation and its senior leaders, and strong cultural alignment sharing a founder philosophy, entrepreneurial mindset and investor-led approach. The integration of our teams will deliver significant synergies and scale benefits, deepening our real estate platform to ~250 professionals offering a breadth of expertise across origination, investment management, development and property management capabilities.
“This acquisition will mutually benefit our many investor clients, which aligns with our philosophy of achieving win-win outcomes for clients, shareholders, and staff.”
Chris Lock, Founder and CEO of IPG, said: “IP Generation and MA Financial have a strong cultural fit and alignment. We have known the MA Financial team for many years and believe the scale of the combined business enables us to deliver even better opportunities and investment returns to all our clients in the future.”
Mr Biggins concluded, “The transaction presents an opportunity to combine IP Generation’s track record and investor base with MA Financial’s balance sheet and capital-raising capabilities to fast-track growth. Additionally, there is potential for earnings enhancement and platform synergies to be realised on the operating side, including within MA Financial’s shopping centre management business, RetPro.”
Following completion of the transaction, the combined group will have a real estate Asset Management platform with significant scale, breadth, and capability:
- ~$8 billion AUM across core real estate, alternative real estate, and real estate credit
- A fully integrated shopping centre manager actively managing ~40 assets
- A large and diverse investor base across wholesale high net worth, retail and institutional investors
- ~250 executives across real estate investment management, asset management and owned operating platforms
- Deep operating capabilities across shopping centres, hospitality, hotels and marinas.
The transaction is expected to complete in early 2H 2025.
Visit the MA shareholder centre to read the ASX announcement.
