Macquarie Goodman has confirmed its purchase of Solihull-based industrial developer Rosemound.

In an announcement made to the Australian stock exchange today, the company has confirmed it has paid £336m for Rosemound. It is understood this figure could rise to £500m pending on deferred payments for developments.

The deal will see Macquarie Goodman, which is soon to shed the Macquarie element of its name, take control of a land bank stretching to 1,000 acres (408 ha) and a team of 30 staff.

Greg Goodman, chief executive of Macquarie Goodman said: ‘We have had a very pleasing quarter culminating in the acquisition of Rosemound which is highly complementary to our existing European business space platform. Following the expansion into continental Europe in 2006, we have been looking to expand our logistics presence into the UK and identified Rosemound as an extremely attractive opportunity.’

Goodman added: ‘The acquisition adds over 1.8 million sq m to our UK development pipeline with an estimated end value of A$4.1bn (£1.7bn). Combined with our existing UK logistics assets, the Rosemound portfolio provides highly suitable seed assets for the proposed UK logistics fund as well as a quality pipeline of assets that can be contributed to a fund in the future.’

The deal was brokered by niche industrial agent M3.