Cbus Property and UniSuper join AMP Capital Retail Trust

21 October 2021
| By Oksana Patron |
image
image
expand image

AMP Capital has announced that two super funds, Cbus Property and UniSuper, have joined AMP Capital Retail Trust (ACRT), taking the majority ownership of Pacific Fair shopping centre in Queensland, and 50% ownership of Macquarie Centre in New South Wales.

AMP said that the $2.2 billion deal would mark the largest global retail transactions since 2018 and reflected a positive outlook in the retail sector and the quality of ACRT’s underlying assets.

Kylie O’Connor, AMP Capital head of real estate, which managed both shopping centres for more than 30 years, said: “As we move closer to operating under the demerged private markets business, we look forward to working with our partners to unlock future opportunities at each asset, both of which are in prime locations within exceptional trade areas.

“This includes further strengthening performance with innovative retail solutions and capitalising on their mixed-use potential, including Macquarie Centre’s mixed-use DA.”

UniSuper head of property and infrastructure, Kent Robbins, said the transactions were expected to increase returns from certain shopping centres as retailers sought exposure to dominant shopping centres, such as Macquarie Centre and Pacific Fair, to leverage their omni-channel retail plans.

“We look forward to our partnership with Cbus Property and AMP Capital to maximise the potential of the assets, including the mixed-use development opportunities for both centres, to deliver greater retirement outcomes for our members,” Robbins said.

According to Cbus Property chief executive, Adrian Pozzo, the blue-chip retail portfolio would complement Cbus Property’s existing premium commercial office portfolio.

The deal was facilitated by the AMP Capital real estate team in conjunction with the vendors’ advisers Colliers’ head of retail investment services, Lachlan MacGillivray; Morgan Stanley chair of investment banking – Australia, Tim Church; and Morgan Stanley head of real estate – Australia, Craig Smith.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 6 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 6 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 7 hours ago