Macquarie Goodman is buying Rosemound Developments for £336 mln (EUR 493 mln) to start a new fund investing in UK warehouse distribution centres. Rosemound, a leading industrial developer in the UK, will add projects worth about £1.7 bn upon completion to Macquarie Goodman's UK developments, the Sydney-based company said in a statement.
Macquarie Goodman is buying Rosemound Developments for £336 mln (EUR 493 mln) to start a new fund investing in UK warehouse distribution centres. Rosemound, a leading industrial developer in the UK, will add projects worth about £1.7 bn upon completion to Macquarie Goodman's UK developments, the Sydney-based company said in a statement.
Macquarie also said it is planning to set up a new fund investing in British warehouses. Demand for modern, efficient distribution centres is increasing, Macquarie noted, adding that more than 70% of all stock in the UK is older than seven years.
Rosemound Developments counts Tesco and Exel Logistics among its clients and owns more then 400 hectares of land across Britain.
Macquarie Goodman is the largest industrial real estate investment trust (REIT) in Australia. It has spent some EUR 2.2 bn on acquisitions in Europe over the last one and half years. If the deal goes through, Macquarie will become Britain's second-largest industrial developer. The company entered the UK market with the acquisition of property manager Arlington Securities in December 2005.