Macquarie Goodman is poised for a huge expansion of its UK logistics portfolio by purchasing sector specialist Rosemound
The deal is in its early stages and solicitors are yet to be instructed but Property Week has learnt that the pair are aiming to exchange contracts before the end of April.
It is unclear at this early stage how much the Solihull-based developer will cost but a deal would give the Australian giant access to a 600 acre (245 ha) landbank, as well an entry into both the UK’s prime Midlands logistics market and emerging markets, such as Bristol and Kent.
It is expected that schemes developed by Rosemound, which is 50% owned by Bank of Scotland, would be transferred into Macquarie Goodman’s UK logistics fund, which is due to be launched later this year.
The fund has already been seeded with projects with a completed value of £125m and other schemes with an estimated value of £300m are in various stages of due diligence.
Macquarie Goodman is the world’s second-largest owner of logistics property behind ProLogis, which cemented its position in Europe last month with the £530m purchase of John Cutt’s Parkridge industrial business. A takeover of Rosemound would make it a strong rival in the UK to number two, Gazeley.
Rosemound was formed in April 2002 by executive chairman David Keir and managing director Jason Dalby. The company masterminded entries into the UK’s emerging logistics locations, such as Bridgewater in the west of England and the Isle of Grain in Kent, where the developer has been assembling sites by agreeing deals with local landowners.
Rosemound’s faith in places like this has led to large lettings to occupiers such as alcoholic drinks manufacturer Constellation, which agreed to take 750,000 sq ft (69,676 sq m) in Avonmouth, near Bristol, last September.
None of the parties involved would comment on the deal.