Australian industry fund Unisuper is transferring its A$2.8bn (€1.8bn) real estate separate account from AMP Capital to GPT Group.

GPT said UniSuper had engaged with the company on a proposal to transition management of its real estate investments to GPT. The transition was expected to complete in the third quarter of the year.

The separate account portfolio has four retail and two office assets.

Unisuper, a A$90bn industry fund for the tertiary education sector, co-owns a Perth super-regional shopping complex, Karrinyup Shopping Centre, Perth, with funds managed by AMP Capital.

UniSuper also has a 25% interest in the 75,000sqm Brookfield Place in Sydney. The super fund and AMP Capital jointly purchased a 49.9% stake in the asset from Brookfield Asset Management, in 2017 in a deal believed to be worth A$900m at the time.

The loss of the UniSuper mandate is the latest blow to AMP Capital, which will soon come under the control of Dexus Property.

Last September, TCorp, which invests on behalf of NSW state treasury and government agencies, pulled its infrastructure mandate from AMP Capital. TCorp now manages the portfolio internally.

This followed a similar move by Sunsuper in March last year when the fund, now part of Australian Retirement Trust, removed its property mandate of around A$1.5bn and entrusted it to ASX-listed developer Mirvac.

Others to wind up their mandates with AMP Capital include Swiss Re, which awarded its Australian mandate to AMP Capital in 2017. The A$750m Swiss Re portfolio of office and industrial has since been sold.

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