Australian bank partners in Florida REIT

Sydney, Australia-based Macquarie Global Growth Trust has teamed up with CNL Financial Group of Orlando, to issue $1.5 billion worth of common shares for an international real estate investment trust that will focus on distressed properties. Curtis McWilliams, president of CNL Macquarie Global Growth Trust, said the majority of the funds would go toward investments in the U.S., especially in the south, though as much as 30 percent may be allotted for foreign properties, He said investments and acquisitions will occur over a five to 10 year period. [GlobeSt]