Macquarie Goodman Group confirms £336m Rosemound buy

Australia’s Macquarie Goodman Group has confirmed its £336m acquisition of UK industrial developer Rosemound. The acquisition its being used to seed a fund investing in UK warehouse distribution centres. Rosemound, which develops industrial sites for clients including Tesco, will add a 1,000-acre landbank of projects worth around £1.7bn on completion to Macquarie Goodman’s developments in the UK. Macquarie Goodman has spent more than $3bn in Europe over the past 18 months. The company entered the UK with the acquisition of Arlington Securities in December 2005. Macquarie Goodman will fund the purchase using debt, paying £261m upfront, with the remaining £75m contingent on planning approval and Rosemound’s performance over the next three years.