Australian construction group Multiplex is planning to set up a fund management division to invest in the UK and continental European property market.

It is understood the firm intends to launch two funds, one investing in continental Europe and another focused on the UK market.

Last month Building reported Multiplex’s renewed commitment to working in the UK.

It is thought the European fund will be worth about €500m (£338m) whereas the UK fund is to start at about £200m.

Last month the Australian group announced that it has made a global pre-tax profit of £87m. Earnings at its property funds management division, which has £2.4bn under management, were £22m.

The company’s UK operations did not fare so well, booking a £147m loss on Wembley stadium and a £129m loss over its whole construction division.

It also revealed that it had transferred responsibility for the construction of the £1.5bn White City shopping centre to Westfield, the developer that is its joint venture partner on the scheme.

A spokesperson for Multiplex said the company’s plans for the property funds were at an early stage and that it would release more information when it was appropriate.