Matthew Cranston and Nick Lenaghan
Two AMP Capital funds have bought a 50 per cent stake in Brisbane’s Indooroopilly Shopping Centre for $800 million from the Commonwealth Superannuation Corporation.
The two funds, AMP Capital Shopping Centre Fund and AMP Capital Diversified Property Fund, each acquired a 25 per cent stake from French-owned Eureka, which manages the massive mall on behalf of the super fund.
In Brisbane’s inner west, the shopping centre has been in place since 1970. After a major redevelopment three years ago it now comprises a gross lettable area of 116,447 square metres.
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Its major tenants include Myer, David Jones, Coles and Woolworths, along with global brands, H&M and Uniqlo.
Fund manager Conrad Sinclair said the acquisition was in line with AMP Capital’s shopping centre fund’s strategy of owning super-regional retail assets that dominate their trade area and have potential for expansion.
“The fund’s investors now have an 81 per cent exposure to regional and super-regional shopping centres,” he said.
The Commonwealth Superannuation Corporation super fund owns the entirety of the sprawling mall, after acquiring an initial interest in 1988 and moving progressively to full ownership in 2006.
The mall was once a Westfield shopping centre.
In August, the super fund appointed JLL’s head of retail investments for Australasia Simon Rooney and Colliers International’s head of retail investment services for Australia Lachlan MacGillivray to sell the asset.
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