AMP Capital Wednesday said UniSuper and Cbus Property have partnered with AMP Capital in the AMP Capital Retail Trust (ACRT).
According to a statement by the company, Australian superannuation fund UniSuper and property developer Cbus Property have acquired a majority stake in Queensland shopping mall Pacific Fair and a 50 percent stake in Macquarie Centre in New South Wales in a A$2.2 billion deal.
”It marks the largest retail transaction in Australian history, as well as one of the largest global retail transactions since 2018,” the company said.
ACRT was established in 2012 with foundation investors Canada Pension Plan Investment Board (CPPIB), Harina Company Limited, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and AMP Life Limited (AMP Life).
In 2016, AMP Life’s interest was transferred into the AMP Life Property Fund (ALPF) managed by AMP Capital.
AMP Capital’s Head of Real Estate, Kylie O’Connor, said: “We are delighted to be working with UniSuper and Cbus Property as manager of these incredible assets. Since 2012, AMP Capital has overseen the redevelopment of the assets on behalf of investors to enhance the retail offering and trade area dominance of Pacific Fair and Macquarie Centre.
“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.
“This deal demonstrates the returning confidence investors have in the retail sector, particularly for high-quality, well managed assets, and the support for our highly regarded and talented management platform,” Ms O’Connor said.
UniSuper’s Head of Property and Infrastructure, Kent Robbins, said: “UniSuper is pleased to announce its latest investment into quality retail assets. We anticipate an increase in returns from certain shopping centres as retailers seek 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,” Mr Robbins said.
Cbus Property’s Chief Executive Officer, Adrian Pozzo, said: “We are excited to partner with UniSuper and AMP Capital on these premium flagship retail assets located in prime locations, with potential for future growth opportunities in both centres.
“This blue-chip retail portfolio complements Cbus Property’s existing premium commercial office portfolio, which was recently awarded Australia’s highest NABERS Energy rating in the NABERS Sustainable Portfolios Index for the second year in a row,” Mr Pozzo said.