REAL ESTATE - Macquarie Goodman, the Australian investment trust, last week issued $264m in shares to institutional investors to part-pay for its €352m acquisition of Luxembourg-based warehouse developer Eurinpro.

The 8.8% Macquarie-owned trust also offered $38m to its own shareholders.

The Eurinpro acquisition will provide the trust with assets for a €300m European real estate fund it plans to launch later this year. It already has a €400m European unlisted industrial fund.

Macquarie Goodman CEO Greg Goodman told Bloomberg last week that the trust would end up with “one very large” pan-European logistics fund with an asset value of €2—3bn within five years. He described the Eurinpro deal as “highly strategic”.

Eurinpro has built €850m worth of warehouses across Europe for retailers including Amazon and Sony. An unidentified private shareholder owned 52% of the company pre-acquisition, with the remainder held by the management.