Australia's largest superannuation fund AustralianSuper is reportedly in advanced negotiations to sell its 50% stake in the Centre:mk shopping centre in Milton Keynes to Royal London Asset Management.
According to a news report by Costar, the fund appointed JLL in October to advise on a potential sale as part of a review of its global property portfolio.
AustralianSuper bought its 50% interest in the 1.3 million-ft2 shopping centre from Hermes Real Estate Investment Management for £270 mln in 2013.
Over the past nine years, AustralianSuper has nearly tripled in size, growing from £40 bn to more than £155 bn in assets under management. It has now conducted a review of its global property portfolio and identified several assets that no longer fit its strategy of investing in large-scale property opportunities globally, the paper said.
