Macquarie plans European fund

ASX-listed Macquarie Goodman Group is to launch an A$500 million European fund in December, says chief executive Greg Goodman.

Mainland China and Japan have also been identified for further growth.

The group announced a A$500.3 million net profit for the June year and Goodman said it had A$2.5 billion on its "development workbook".

The group, with a A$4.6 billion property investment portfolio, manages NZX-listed Macquarie Goodman Property Trust which Goodman said had increased total assets by 91.9 per cent to more than A$800 million on completion of developments.