“MGPA, a fund manager controlled by Macquarie Group Ltd. (MQG) managing $11 billion in property assets, is raising money to invest in European real estate and plans its first Australian property investment within six months.

“There’s going to be some interesting, once-in-a-decade opportunities to acquire assets at below replacement cost prices in markets that have some reasonable prospects for growth” in Europe, Executive Chairman James Quille said in a telephone interview from Singapore on Sept. 14. In Australia, a withdrawal of lenders from commercial property “has caused a big widening in spreads between prime and secondary assets.”