Australia's biggest real estate investment trust Macquarie Goodman has announced that it is to move into the European real estate market with the purchase of industrial warehouse developer Eurinpro International for around $450 million.
The investment trust will aim to fund the acquisition through the sale of $263 million worth of shares to institutional investors, with further funds being raised from the sale of shares to existing stockholders.
Commenting on the deal, which will see Macquarie Goodman expand significantly into the European market, chairman and CEO of Eurinpro Bart Verhaeghe said that the future of his company was bright.
"Eurinpro has established a leading European position for development of and investment in state-of-the-art logistics real estate," he said.
"There is undoubtedly considerable scope for further growth in and outside the European market."
His sentiments were echoed by Macquarie Goodman, with representatives saying that opportunities for expansion were significant.
Europe is currently regarded as a prime location for real estate dealings – particularly company warehouses, which companies are increasingly looking to sell in an effort to cut operating costs.