James Cole, the former CEO of business park developer Akeler, is leaving Macquarie Goodman, the Australian company that bought Akeler for £649m last November.

Cole had been appointed to lead Macquarie Goodman’s European business parks division – one of four divisions it created this week in a restructure of its European business.

But today Cole sent an email to friends announcing his departure, claiming ‘it is time to take my leave’, adding: ‘Akeler will now be absorbed into the Macquarie Goodman group and, although the opportunities within the group will be extensive, I shall not be taking up a new position. I am not sure what direction I shall be taking, but I do expect to remain in the real estate fold in some way but not until I have had a very good holiday’.

Macquarie Goodman’s other three divisions, logistics, UK business parks and fund management are headed by Danny Peeters, Jim Johnston and John O’Connor respectively.