Australian industry super funds UniSuper and Cbus Super have bought out the stakes of Canada Pension Plan Investment Board (CPP Investments) and Abu Dhabi Investment Authority (ADIA) in two regional shopping centres for A$2.2bn (€1.4bn).
The new investors acquired units held by the two foreign investors in AMP Capital Retail Trust (ACRT). The vehicle owns an 80% interest in Pacific Fair on Queensland’s Gold Coast, and a half-stake in Macquarie Centre in Sydney’s north suburbs.
The deal is being described as the “largest retail transaction in Australian history”, as well as one of the largest global retail transactions since 2018.
IPE Real Assets understands that both UniSuper and Cbus Super’s real estate arm Cbus Property are equal partners in the deal.
It is also understood that, as the manager, AMP Capital, has a small “alignment” interest in ACRT.
CPP Investments and ADIA’s subsidiary, Harina Company each invested A$436m for a 37% stake in the retail vehicle in 2012. AMP Life was the third investor, which has since transferred its interest to an AMP fund.
UniSuper’s head of property and infrastructure, Kent Robbins, said his fund looked forward to the partnership with Cbus Property and AMP Capital to maximise the potential of the assets, including mixed-use development opportunities for both centres.
Adrian Pozzo, Cbus Property’s CEO, said these shopping centres were premium flagship retail assets in prime locations with potential for future growth opportunities.
With the transaction, AMP Capital, which had been facing redemption pressure from some of its investors, has recapitalised ACRT.
AMP Capital’s head of real estate, Kylie O’Connor, said: “We are delighted to be working with UniSuper and Cbus Property as manager of these incredible assets.
UniSuper is an existing investor with AMP Capital, but Cbus Property is a newcomer to the platform.
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