Invesco Real Estate has purchased a 50 percent stake in the Grand Plaza shopping center in Brisbane, Australia, for A$215 million ($167 million), according to media outlets.
The seller was the Vicinity Retail Partnership, which includes Future Fund, the Canada Pension Plan Investment Board and two other unnamed parties with Vicinity.
The sale is part of a broader sell-out from a A$500 million ($388 million) portfolio of malls managed by Vicinity.
The partnership has been selling down its assets as the fund reaches the end of its eight-year term. The Vicinity Retail Partnership recently sold a 50 percent share in West Australia’s Rockingham Shopping Centre to AMP Capital for A$305 million ($tk million).
Vicinity will continue to own its own half stakes in both the Grand Plaza and Rockingham.
