AMP has taken full control of the Gold Coast’s Pacific Fair and Macquarie Centre in Sydney after striking a $760 million deal with Dexus.
The agreement involves AMP Capital Shopping Centre Fund (ACSCF) outlaying $422.5m for a 25 per cent stake in the Broadbeach, Queensland asset.
The parent, with UniSuper and Cbus – care of a partnership known as the AMP Capital Retail Trust (ACRT) – is also paying $336.5m for 20pc of the New South Wales shopping centre.
ACRT snapped up the balance of both properties last month for $2.2 billion; that seller was the Abu Dhabi Investment Authority’s Harina Company Limited, Canada Pension Plan Investment Board and AMP Life, which held it via an AMP managed fund.
Dexus owned its minority stakes through the Wholesale Property Fund (DWPF) which it took control of in April.
The disposal, negotiated by CBRE’s Simon Rooney with JLL’s Nick Willis and Sam Hatcher, is being struck at book value reflecting a 4.75pc yield.
Following settlement, ACSRF and ACRT will each control a 50pc stake in the $1.6b Macquarie Centre, which has significant office, residential and further retail development upside (story continues below).
ACRT will wholly own the $1.8b Pacific Fair.
AMP will manage both assets.
Coincidentally, in October, Dexus acquired a 25pc stake in Brookvale’s Westfield Warringah Mall from ACRSF for $410m.
The manager already owned another quarter via DWPF.
SCentre controls the balance.
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