Australian superannuation funds UniSuper and Cbus Super have won the right to buy a 50% stake in a shopping centre in Sydney from a Dexus-managed fund for A$830m (€511m) in a Supreme Court of NSW ruling.
The super funds, which are partners in an entity known as Macquarie Retail Trust, are co-owners of the Macquarie Centre in Sydney’s North Ryde with entities of the former AMP Capital. Macquarie Retail Trust and AMP Capital each own a 50% interest in the shopping mall.
The stake owned by AMP Capital is now held in Dexus Wholesale Shopping Centre Fund (DWSF) after Dexus bought out the real estate and domestic infrastructure platform from AMP Capital last year.
UniSuper and Cbus Property backed AMP Capital in a A$2.2bn deal to buy Pacific Fair on the Gold Coast and Macquarie Centre in 2021.
Macquarie Retail Trust sought to execute their pre-emptive right to buy the half share of Macquarie Centre after Dexus took over the ownership of the centre, citing the transfer as being in breach of the owners’ agreement.
Macquarie Retail Trust successfully argued that Dexus’s transfer of the shopping centre share was a breach of contract, leading the Supreme Court to order Dexus to sell the share.
A Dexus spokesperson said: “The DWSF re [responsible entity] board is reviewing the judgement and considering its options. Dexus remains focused on working with the RE Board to deliver the best outcome for investors.”
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