Australian industry fund UniSuper and Cbus Property, majority co-owners of two large regional shopping centres, announced their intention to transfer property management of these assets from AMP Capital to the GPT Group.
Their interests in Pacific Fair on the Gold Coast, Queensland, and Macquarie Centre in Sydney’s North, held in the AMP Capital Retail Trust (ACRT), are currently managed by AMP Capital, which has been taken over by Dexus.
UniSuper and Cbus Property own the majority of ACRT, which holds 100% of Pacific Fair and 50% of Macquarie Centre in New South Wales.
GPT’s chief executive officer, Bob Johnston said: “We are delighted to have been selected by Cbus Property and UniSuper to become the manager of ACRT and the property manager of Pacific Fair Shopping Centre, one of Australia’s premier retail destinations.”
Cbus Property, a wholly owned subsidiary of Cbus Super, and UniSuper joined AMP Capital in a record-breaking deal to buy into the stakes in the Macquarie Centre and Pacific Fair for A$2.2bn last October.
UniSuper this week also finalised the transfer of its A$2.8bn real estate separate mandate from AMP Capital to GPT.
Commenting on the loss of the two shopping centres, Dexus said as a result of ACRT exiting the AMP platform, the earn-out amount payable under the sales agreement with AMP Capital would reduce to a maximum of approximately A$25m.
“The maximum potential AUM that will transition across to Dexus is approximately A$18bn. Further information will be provided as Dexus and AMP Capital progress towards completion of the transaction,” Dexus told the Australian Securities Exchange.
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