Macquarie Goodman Group, owner of developer Arlington, has agreed to buy business park specialist Akeler Holdings for £600m
As part of the deal, Australia's biggest industrial real estate investment trust will pay £49m for Akeler's management business and the company's three properties in Europe.
Macquarie Goodman acquired Arlington last year and is using the Arlington Business Park Partnership Fund to make the Akeler acquisition, which will be funded using debt. Macquarie Goodman also plans to raise as much as £100m from existing and new investors in a capital raising.
Macquarie Goodman's stake in the fund will rise to between 6% and 18%, from 5% at present.
The three European properties will be shifted into the Arlington European Business Park Fund early next year.
Macquarie Goodman will now have A$2.2bn ($1.7bn) of development projects in Europe.
Legal & General, Arlington Business Park's largest investor, advised the fund on the deal; Macquarie Bank advised Macquarie Goodman.