(To read more on the industrial market, click here.)

SYDNEY-Macquarie Bank has sold its 7% in giant industrial property trust Macquarie Goodman Group to realize more than A$730 million ($555 million). Both parties declined to comment, but it is understood Goodman Holdings bought 1%, increasing its stake to 9%.

The sale ends Macquarie Bank’s six-year association with the industrial trust. Analysts expect Macquarie Goodman to be re-branded and the Macquarie name dropped. The bank’s 124 million Macquarie Goodman securities were offered at a fixed price of about A$5.90, a 7.7% discount to the trust’s closing price yesterday of A$6.39.

Analysts say Macquarie Bank wants to recycle capital but that it was also concerned about Macquarie Goodman’s offshore expansion which meant it was competing for assets with other Macquarie trusts or partners.

The bank-managed Macquarie Prologis Trust owns warehouses and distribution centers in the US and Mexico. Macquarie Goodman pushed into Europe with the acquisition of funds manager Arlington Securities last year and this year’s purchase of European logistics property developer Eurinpro International for A$599 million ($456 million). In Europe it could be competing for industrial assets with Macquarie partner and ProLogis. But at Macquarie Goodman’s profit result on Monday, chief executive Greg Goodman said the group was generally competing in different areas to ProLogis.

One analyst says it was a good time to sell. “I would have happily sold Macquarie Goodman at $5 a share and it’s put on another $1.30 in about three months,” he explains.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.