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AMP Capital Shopping Centre Fund, UniSuper, Cbus Property and AMP Capital consolidate retail ownership
Investment management
19 December 2021

The AMP Capital Shopping Centre Fund (ASCF) has acquired an additional 25 per cent stake in Macquarie Centre in New South Wales for [$422.5 million].

In a second transaction, AMP Capital, together with UniSuper and Cbus Property have purchased the remaining 20 per cent of Pacific Fair in Queensland for [$336.4 million] through the AMP Capital Retail Trust (ACRT).

Both stakes were acquired from the Dexus Wholesale Property Fund at their book value as at 30 June 2021. When the transactions settle early in the new year, ASCF and ACRT will each hold 50 per cent of Macquarie Centre, while ACRT will wholly own Pacific Fair.

AMP Capital Global Head of Real Estate, Kylie O’Connor, said the latest dealings wrapped up a record year of retail transactions.

“We are continuing to deliver for our investors with investments in premium real estate assets. With these latest acquisitions in Pacific Fair and Macquarie Centre, AMP Capital’s investors will hold stakes in 14 of the most highly regarded shopping centres in Australia and New Zealand.

“The latest acquisitions cap off a record year of more than $3.6 billion in retail transactions, as well as the introduction of two new parties into ACRT in Cbus Property and UniSuper, which reflects the sector-leading expertise of AMP Capital’s highly regarded real estate team and the continuing strength of our platform,” Ms O’Connor said.

The acquisitions follow the recent sale of ASCF’s interest in Warringah Mall, which was sold at a 12 per cent premium and along with other recent divestments, will deliver about $495 million to the Fund.

“The further investment into Pacific Fair with UniSuper and AMP Capital reinforces our conviction in the underlying performance of the centre, the potential for future growth and the alignment with our new partners,” Cbus Property’s Chief Executive Officer, Adrian Pozzo, said.

“Securing 100 per cent ownership of Pacific Fair alongside our partners will provide UniSuper members with an increased exposure to the benefits of the reopening of economies as travel restrictions ease. Over the longer term, we look forward to investing into growth opportunities that arise from this iconic centre alongside our aligned partners,” UniSuper’s Head of Property and Infrastructure, Kent Robbins, said.

In October 2021, AMP Capital introduced two new partners in ACRT, Cbus Property, one of Australia’s leading property investors and developers, and UniSuper, one of Australia’s leading superannuation funds, via a $2.2 billion investment in Pacific Fair and Macquarie Centre. It was the largest retail transaction in Australian history, as well as one of the largest global retail transactions since 2018.

AMP Capital Shopping Centre Fund has $3.5 billion in assets as at September 2021, with 14 assets across Australia and New Zealand. The portfolio has a high weighting to regional and super regional shopping centres. 

About AMP Capital Real Estate

AMP Capital is one of the largest direct real estate fund managers in the Asia-Pacific[1] with more than $23 billion[2] in assets under management on behalf of institutional and retail investors across the globe. We are also one of the most experienced, with our heritage in real estate investment, management and development spanning over 60 years and many investment cycles, starting with Australia's first skyscraper which opened in 1962.

AMP Capital's extensive global network and integrated management model allows its multidisciplinary team of real estate professionals to realise true value for clients through the investment management, property management and development of a portfolio of some of the most iconic shopping centres, office buildings and industrial estates across Australia and New Zealand.

About Cbus Property

Cbus Property is a wholly owned subsidiary of Cbus, the industry superannuation fund for the construction, building and allied industries, with funds under management exceeding $65 billion at 30 June 2021. Cbus Property has responsibility for the strategic performance and management of all aspects of the Cbus direct property investment business, including major investments and developments in the commercial and residential sectors.

The property portfolio currently exceeds $6.0 billion, with a further $4.5 billion of development work ‘in hand’, making Cbus Property one of Australia’s leading integrated property investors. Cbus Property has extensive experience undertaking sustainable initiatives within Australia and is committed to using its considerable experience in the investment and delivery of developments that provide a benchmark for both economic and environmental sustainability.

About UniSuper

UniSuper is one of Australia’s largest superannuation funds and is run solely for the benefit of its members. For more than 35 years, UniSuper has been managing super for people employed in the higher education and research sector and is now open to all Australians. UniSuper currently invests around $100 billion on behalf of more than 450,000 members

[1] Source: ANREV/INREV/NCREIF Fund Manager Survey 2021

[2] As at 30 June 2021. This includes AMP Capital’s 24.9 per cent share of PCCP’s NAV, equivalent to A$1.8b

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