Invesco Real Estate has bought Australia’s Future Fund and Canada Pension Plan Investment Board’s (CPPIB) 50% stake in a Brisbane shopping centre for AUD215m (€135m).

Invesco becomes a joint owner, with the listed Vicinity Group, of the Grand Plaza Shopping Centre in the southern Brisbane suburb of Browns Plains.

Sources close to Invesco confirmed the deal and said settlement will take place next week.

A source for Vicinity said the group will continue to manage the asset. Vicinity holds development rights to the centre.

Both Vicinity and Invesco declined to comment.

The asset is held in the unlisted Vicinity Retail Partnership, a club involving Australia’s sovereign wealth fund and CPPIB.

The Vicinity Retail Partnership was set up in 2010 when the Future Fund and CPPIB injected AUD750m into what was then known as the Colonial First State Asset Management retail fund.

The close-end fund has been in a wind-up phase. It sold its first asset in Adelaide to a listed Singapore REIT in 2015.

Last year, the partnership sold a half stake in Rockingham Shopping Centre, south of Perth, to AMP Capital for about AUD305m. This brought the total number of disposals by the partnership to six.

The trust has a single asset left, the Midland Gate mall in northeast Perth, which is currently undergoing an AUD100m redevelopment. It is believed this asset has yet to come to market.

Invesco’s last significant investment in Australia was a co-investment with Challenger to pre-purchase of an office tower in Melbourne from Lendlease for AUD430m.

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