Akeler has assets in 14 locations comprising 1.8 million sfbuilt or under construction. It also has a landbank capable ofbeing developed into 5.2 million sf of business park accommodation.Projects include Hammersmith Embankment office park in London andRainton Bridge in Sunderland.

The sale forms part of MGPA's strategy of winding up its GlobalFund I, which was launched in 2000. Previously, MGPA had sought toplace Akeler's new developments into a 50/50 joint venture withMacquarie called the UK Office and Business Park Fund. The originalplan was to grow this fund and float it as a REIT. The structureput in place for this has also been acquired by Macquarie Goodmanalongside the rest of Akeler.

The receipts from the sale will be reinvested in MGPA's latestproperty fund that has an equity target of A$3.5 billion ($2.7billion). If MGPA achieves this target it will have become one ofthe largest real estate vehicles in the world.