Akeler has assets in 14 locations comprising 1.8 million sf built or under construction. It also has a landbank capable of being developed into 5.2 million sf of business park accommodation. Projects include Hammersmith Embankment office park in London and Rainton Bridge in Sunderland.
The sale forms part of MGPA's strategy of winding up its Global Fund I, which was launched in 2000. Previously, MGPA had sought to place Akeler's new developments into a 50/50 joint venture with Macquarie called the UK Office and Business Park Fund. The original plan was to grow this fund and float it as a REIT. The structure put in place for this has also been acquired by Macquarie Goodman alongside the rest of Akeler.
The receipts from the sale will be reinvested in MGPA's latest property fund that has an equity target of A$3.5 billion ($2.7 billion). If MGPA achieves this target it will have become one of the largest real estate vehicles in the world.
Macquarie Goodman, in which Macquarie Bank formerly held an 8% stake, is seeking to expand rapidly in Europe. Over the past year the company has bought Arlington, the fund manager, for euro 200 million ($256 million) and Eurinpro, a European business park developer, for euro 400 million ($512 million).
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