CHINESE-backed residential property developer Aqualand has increased its stake in listed real estate agency McGrath.
Aqualand increased its investment to 18.5% from 15%, which it acquired last year for $10 million, but the group will remain the second largest shareholder behind founder John McGrath.
CEO of Aqualand Group’s investment arm AL Capital, Wayne Mo, said the further investment shows great confidence in McGrath.
“This increased strategic investment demonstrates our continued confidence and support for the turnaround progress driven by the McGrath management team, led by CEO Geoff Lucas and McGrath’s founder John McGrath.” Mo said.
Lucas added: “We are delighted that Aqualand has further committed to McGrath with the belief that our transformation plan is gaining traction, while also looking to take advantage of any strategic opportunities”.