Australia's Macquarie Goodman Group has announced that its managed fund Arlington Business Park Partnership is to acquire Akeler Holdings, the owner of a portfolio of UK business parks, for EUR 887 mln. Macquarie Goodman, Australia's largest industrial real estate trust, is to pay EUR 72 mln for three properties in continental Europe and Akeler's management business.
Australia's Macquarie Goodman Group has announced that its managed fund Arlington Business Park Partnership is to acquire Akeler Holdings, the owner of a portfolio of UK business parks, for EUR 887 mln. Macquarie Goodman, Australia's largest industrial real estate trust, is to pay EUR 72 mln for three properties in continental Europe and Akeler's management business.
Commenting on the deal in a statement to the Australian Stock Market, Macquarie ceo Gregory Goodman said: Last year's acquisition of Arlington has provided us with the funds management platform to pursue acquisitions such as Akeler. The transaction is complimentary to our existing European platform and increases the Group’s global funds under management by 5% to AUD$30 bn (EUR 17.8 bn)'. He added that the acquisition added AUD$2.2 bn to the Group’s European development pipeline and increased the European work in progress by 20% to AUD$1.7 bn.
Arlington Business Park Management will fund the acquisition with debt, and also intends to seek about £100 mln (EUR 148 mln) from existing and new investors. Legal & General, the major investor in Arlington Business Park, advised the fund on the deal. Macquarie Bank advised Macquarie Goodman.
