Future Fund Pays $A375 Million For Stake in The Bullring Shopping Centre, Birmingham, UK

David MurrayTHE FUTURE Fund has paid £200 million ($A375 million) for a stake in UK’s most visited regional shopping centre, The Bullring, in Birgmingham.

The Fund Fund – which exists to generate income to pay the government’s unfunded upcoming superannuation commitments – has purchased a 33 per cent stake in the centre at a low yield of 7 per cent. Two years ago, at the peak of the property boom, prime UK shopping centre yields were about 4.75 per cent.

The $61 billion Future Fund is directed by former Commonwealth Bank of Australia executive David Murray (pictured), and headquartered in Melbourne.

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Challenger Sells Rivoli Theatre, Camberwell, For $20 Million

FORMER RETIREMENT Village developer the Zig Inge group has paid $20.2 million for Camberwell’s Rivoli theatre, reflecting a huge drop in the building’s value since even last year, and a massive loss for Challenger.Rivoli Theatre

The Zig Inge Group, which recently sold its retirement arm portfolio to Macquarie and FKP for $641 million, has purchased the Rivoli and will retain it as an investment. Land around the cinema offers great redevelopment potential.

The Rivoli, at 200 Camberwell Road, was offloaded by the Challenger Hybrid Property Fund, which put a value of $23.2 million on the asset just last year. Challenger spent about $16 million on a luxury restoration of the 5,340 square metre cinema in 1999.

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GPT Sells Alliance Portfolio for $US72 Million

The GPT Group (GPT) today announced further progress in relation to the Group’s non core asset sales program, with an agreement to sell the Group’s interest in the Alliance portfolio (previously warehoused within the Hamburg Trust platform) to a syndicate of private investors. The portfolio was originally acquired to seed a closed end fund.

On completion of the sale, GPT will have sold approximately $650 million of non core assets since December 2008. This is in line with the Group’s strategy to exit non core portfolios and markets.

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Lend Lease Reaches Financial Close on £71 Million Lancashire Schools Program

Lend Lease Corporation Limited (“Lend Lease”) today announced that its UK public private partnerships (“PPP”) business, Catalyst Lend Lease has achieved financial close with Lancashire County Council on the £55 million (approximately A$110 million) Phase 3 and a £16 million (approximately A$32 million) academy as part of the East Lancashire Building Schools for the Future (“BSF”) programme in England.

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AMP, Meridien to Sell Portfolio of 12 South Australian Retirement Villages For More than $100 Million

AMP Capital Investors and the Meridien Group can expect to make between $100 million and $150 million from the sale of 12 South Australian retirement villages.

The portfolio includes 946 retirement village units, and 246 serviced apartments. The joint venture owners confirmed it will accept off-market offers on the assets as a whole, or individually.

The joint venture owners will retain villages in New South Wales and Queensland.

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