MA Financial Group has announced the acquisition of Melbourne-based real estate investment management firm IP Generation (IPG) in a $90.4 million deal, marking a significant expansion of the company’s real estate asset management platform.
The acquisition, primarily funded through MA Financial (MAF) shares, will increase the firm’s real estate assets under management (AUM) to approximately $8 billion, bringing total AUM across the group to more than $12 billion. The transaction is expected to be earnings accretive to MA Financial on a full-year pro forma basis in FY25.
Founded in 2018, IPG manages about $2 billion in retail shopping centre assets across 14 centres in New South Wales, Queensland, Victoria and Western Australia.
The acquisition will bring IPG’s team of 29 real estate investment professionals into MA Financial’s growing real estate platform, which will now oversee core, alternative, and real estate credit investments.
Julian Biggins, Joint CEO of MA Financial, said the acquisition is a strategic move that delivers scale, diversification, and enhanced capability at a pivotal moment in the property cycle.
“IP Generation has an impressive track record in asset acquisition, capital raising, and investor returns,” Biggins said. “The integration of our teams strengthens our real estate capabilities across Australia, particularly in Melbourne, and expands our access to high-net-worth and institutional investors.”
As part of the integration, IPG founder and CEO Chris Lock will become Head of Core Real Estate at MA Financial, overseeing the performance and strategy of the group’s core property funds. IPG COO Ingrid van Dijken, Chairman David Blight, and Director Greg Miles will also take on leadership roles within MA Financial’s asset management team.
The $90.4 million price tag represents a multiple of 7.9x FY24 normalised EBITDA. It includes an $80 million upfront payment in MAF shares, subject to vesting conditions, and $10.4 million in deferred consideration — half in cash and half in MAF shares — payable in 12 months.
The combined platform will boast a team of roughly 250 professionals and manage a fully integrated portfolio of approximately 40 shopping centres. MA Financial will also leverage IPG’s expertise and track record to enhance the performance of its own shopping centre management subsidiary, RetPro.
Chris Lock welcomed the deal, citing strong cultural alignment and a shared entrepreneurial vision between the two firms.
“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,” Lock said.
The transaction is expected to be finalised in the second half of 2025, positioning MA Financial as a leading player in Australia’s real estate investment management landscape.
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