To read this full article you need to be subscribed to Newsline.
Sign in Sign up for a FREE subscriptionAMP Capital JV pays A$800m for Queensland shopping center
The AMP Capital Shopping Centre Fund (ACSC) and the AMP Capital Diversified Property Fund have each acquired a 25 percent stake in Indooroopilly Shopping Centre, Queensland, Australia, from Eureka – Real Assets, acting on behalf of Commonwealth Superannuation Corp.
The deal is worth A$800 million ($6060 million).
Commonwealth Superannuation Corp. continues to own the remaining 50 percent.
“Indooroopilly Shopping Centre is a good fit for ADPF’s portfolio,” said Kylie O’Connor, AMP Capital Diversified Property fund manager. “It is consistent with the fund’s strategic objective to hold a diversified portfolio of high-quality assets across sectors, with a higher weighting towards regional and super-regional retail assets. We also believe now is the right time to invest in south-east Queensland due to improving economic conditions and strong population growth in the state.”
Operational since 1970, the center underwent a major redevelopment in
