Goodman Group plans to sell its remaining assets in the Arlington Business Parks Partnership in the U.K. for almost £500 million, choosing Europa Capital as the preferred bidder for the disposal, The Australian reported.

London-based Europa Capital defeated bids from other interested parties, including Fortress Investment Group and Anglezark, Ares Management, Greenoak, Tristan Capital Partners and XLB, Harbert Management and Legal & General.

Legal & General's real estate arm is a co-investor in the fund. Goodman will still require approval from its unit holders to finalize the sale agreement, which will allow the company to completely exit the fund.

Arlington Business Parks Partnership owns several business parks in the U.K. and has 33 properties with a total asset value of £600 million as at March 31, 2015, according to Goodman.

Europa Capital intends to use equity from its key shareholder, Mitsubishi Estate Co. Ltd., and its €750 million Europa Fund V vehicle to fund the transaction, according to the Jan. 23 report.