Australia's Macquarie Group has given its real assets business a big boost with the takeover of a German real estate fund manager that has €7bn in assets under management.

The Macquarie Infrastructure and Real Assets division has agreed to buy GLL Real Estate Partners for an undisclosed sum. GLL will keep its own brand and act as Mira's investment platform in Europe and the Americas. The real estate assets under management across the combined group will grow to €10.6bn.