Macquarie buys in Europe

Macquarie Global Property Advisors has announced two European deals in one week, as the firm hopes to spend as much as €1 billion in the region over the next six months.

Bermuda-based Macquarie Global Property Advisors (MGPA), the private equity real estate arm of the Australian bank, has announced a joint venture to develop French warehousing space, as well as an investment in a Warsaw office building.

In the French logistics JV, Macquarie will team up with Parisian developer Concerto Développement to build a €250-million ($315 million) portfolio of logistics parks throughout France. The project will initially develop two predetermined sites, near Lille and Valence. These initial developments will have 130,000 square metres of space and a combined value of €90 million.

 “There is a real gap in the market for high quality logistics facilities that are well located for transport serving destinations not only in France, but all of Europe,” said Alex Jeffrey, an MGPA managing partner in the firm’s London office. “These facilities will fill that gap.”

Further East, Macquarie announced the acquisition of a Warsaw office block in a joint venture with London property company London & Regional Properties. The building, known as Rondo 1, is a 40-story office tower with 60,000 square metres of available space and 492 parking spots. Terms of the transaction were not disclosed.

Macquarie closed its most recent fund, MGP Fund II, last September on $1.3 billion. The fund, which is focused on Asia and Europe, reportedly allocated $400 million to European property. The firm has said it has planned to spend a levered €600 million to €1 billion in Europe over the next six months. 

Formed in 2004, MGPA also has offices in Hong Kong, Tokyo, Seoul, London and Luxembourg. It currently has more than $3 billion in assets.