A US investment firm and an Australian bank are looking to push into parts of the Asian property market.

A US investment house and an Australian bank’s capital markets business have teamed up to create a platform for investing into the Asia-Pacific region.

The letter of intent for the venture has been signed by Greystar Real Estate Partners, a US-based firm, and Macquarie Capital, the corporate advisory, capital markets and principal investing arm of Macquarie. The venture is called Greystar Asia-Pac.

The venture intends to raise institutional capital to acquire, develop, reposition and manage rental residential assets across Asia.

Greystar, which invests in, develops and manages rental housing, operates in 160 markets worldwide and has ownership interest in assets of $14 billion. The firm said the Asian venture is part of an international growth strategy that has seen Greystar already set up shop in the UK, Europe and Latin America.

Initial investment ideas are being considered in Tokyo, Beijing, Shanghai, Sydney and Melbourne, Greystone said in a statement yesterday.