Macq Goodman in $720m Europe buy

Industrial property investor Macquarie Goodman Group has bought warehouse developer Eurinpro International for €352 million ($720.6 million) in its push to expand in Europe.

Luxembourg-based Eurinpro controls about 8 per cent of the European market.

Teaming it with Britain's largest business park manager, Arlington Securities, which Macquarie Goodman bought in December, boosts the group's growth prospects in a fragmented market.

"The transaction is highly strategic for Macquarie Goodman and we see a strong opportunity to significantly expand our European business," chief executive Greg Goodman said yesterday.