AMP Capital funds buy stake in shopping centre
The AMP Capital Shopping Centre (ASCF) and the AMP Capital Diversified Property Fund (ADPF) have each acquired a 25 per cent stake in Indooroopilly Shopping Centre, acting on behalf of Commonwealth Superannuation Corporation (CSC).
The acquisition from Eureka – Real Assets was closed at $800 million, the firm said.
Under the terms of a deal, AMP Capital would assume management of the shopping centre which, according to the firm, represented a good investment opportunity for the investors due to its long-term asset management and development potential underpinned by leases from seven major tenants and 14 mini majors.
Following the acquisition, the fund would have an 81 per cent exposure to regional and super-regional shopping centres.
AMP Capital said that Indooroopilly Shopping Centre, which would benefit from favourable demographics and forecast retail spend in the area to increase to $3.8 billion in 2021, would also benefit from the firm’s management team which looks after similar assets.
ASCF’s fund manager, Conrad Sinclair said: “The acquisition of a stake in Indooroopilly Shopping Centre on behalf of our investors is in line with the fund’s strategy of owning super-regional retail assets that dominate their trade area and with further potential for expansion.
“The deal follows a successful $200 million equity raising for ASCF, which was oversubscribed indicating the appeal these assets hold for investors.”
The acquisition also strengthened AMP Capital’s presence in south-east Queensland where its portfolio already included Pacific Fair on the Gold Coast.
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