SYDNEY (Bloomberg) — Macquarie Global Property Advisors, a real estate fund manager backed by Australia’s largest securities firm, agreed to sell European business park developer Akeler for about $640 million ($1.2 billion).The Bermuda-based asset manager sold Akeler to Macquarie Goodman Group, Australia’s largest industrial real estate investment trust, MGPA said in an e-mailed statement.

Macquarie Bank Ltd. owned a minority stake in Macquarie Goodman until August.

Macquarie Global Property Advisors fund acquired the company in 2002 for almost $281 million.

It reorganised Akeler’s management and built it up into a specialist business park developer with 14 assets in Europe, chiefly in the UK.

“We have held the Akeler management team in high regard for some time and are delighted to have them join our business,” said Gregory Goodman, chief executive officer of Macquarie Goodman, in the statement.