REAL ESTATE - Macquarie has acquired a UK logistics property developer, Rosemound, for £336m (€493m), 44% of it debt.

The acquisition represents a UK development boost for the Australian investor, with 1,000 acres of land and 30 staff "with significant sector expertise", the bank said.

Macquarie estimates the 1.8m square metre addition to its UK development pipeline has an end value of £1.7bn.

Following its move into continental Europe last year, Macquarie has been "looking to expand our logistics presence into the UK and identified Rosemound as an extremely attractive opportunity", CEO Gregory Goodman said in a statement.

Rosemound will join existing assets in a UK-specific logistics fund similar to Macquarie’s €400m European industrial fund. Assets already held in the UK include the 100-acre Jaguar plant in Coventry, which it plans to convert into an office and warehousing park, and Birmingham Business Park.

Goodman last year that he planned "one very large" pan-European logistics fund with an asset value of €2—3bn within five years.

The announcement came as Macquarie reported assets under management up 5% in Q1 to €21.4bn.