MA Financial Group has acquired Melbourne-based IP Generation (IPG) for $90.4 million, expanding its asset management platform.
The deal boosts MA Financial’s real estate assets under management (AUM) to ~$8 billion and total AUM to over $12 billion. The acquisition is expected to be earnings-accretive in FY25, strengthening MA Financial’s position in the sector.
IPG, founded in 2018, manages $2 billion in retail shopping centre assets across 10 funds. This covers 14 shopping centres in New South Wales, Queensland, Victoria, and Western Australia.
The firm specialises in securing assets, raising capital, and delivering strong returns for high-net-worth investors.
The acquisition integrates IPG’s expertise into MA Financial’s broader real estate strategy, enhancing its distribution channels and investor base.
The deal brings 29 real estate investment professionals from IPG into MA Financial’s asset management team.
IPG’s Founder and CEO Chris Lock will become Head of Core Real Estate, overseeing performance and fund management. Other senior leaders, including Chairman David Blight and Director Greg Miles, will help lead MA Financial’s real estate division. The expanded team strengthens MA Financial’s capabilities across core, alternative, and real estate credit assets.
Financially, the acquisition is structured with $80 million upfront in MAF shares, subject to vesting conditions, and $10.4 million in deferred payments split between cash and shares. The 7.9x FY24 normalised EBITDA valuation reflects confidence in IPG’s profitability.
MA Financial expects significant synergies, particularly in shopping centre management, hospitality, and property development.
For investors, this deal signals growth and diversification in Australia’s real estate market. The combined entity will manage ~40 retail assets, serve a broad investor base, and leverage deep operating capabilities across multiple sectors.
The transaction is set to close in early 2H 2025, marking a pivotal expansion for MA Financial.