AMP Capital has bought the Gasworks Plaza, a mixed-use complex in Australia, from Aveo Group for AUD248.4m (€162m).

Located in Newstead, Brisbane, the complex consists of a neighbourhood shopping centre and two office buildings.

Phase three of the project, known as Gasworks 3, is under construction. It will add a further 1,100sqm of retail space and 81 car park spaces.

The transaction is expected to settle in February 2018 for Gasworks 1 & 2, which were completed in 2013, and in September 2018 for Gasworks 3 on completion.

Aveo, a listed company, said the sale would generate a gain of AUD61m. The Gasworks asset was valued at AUD180m at June 30.

Aveo Group chief executive, Geoff Grady, said: “As we came to the completion of the Aveo-owned component of the Gasworks precinct, it was opportune to capitalise on the embedded value of the Gasworks retail and commercial component.”

Grady said the sale will release substantial capital for recycling into higher-returning development projects for Aveo, a company specialising in retirement living.

He noted that the transaction with AMP Capital comes on the eve of completion of Aveo Newstead, a 19-storey “world class” retirement living tower which will reach practical completion in May 2018.

With that, he said, the entire Aveo-owned component of the Gasworks precinct – a massive urban renewal project – would be complete.