Transactions - OCTOBER 7, 2014

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TIAA Henderson enters Australian market

by Andrea Waitrovich

TIAA Henderson Real Estate has acquired a 75 percent interest in Mount Ommaney Center in Brisbane, Australia, with its partner Federation Centres, which will own the remaining 25 percent of the center. The seller was AMP Capital.

The Mount Ommaney acquisition marks the first shopping center acquisition in Australia by TH Real Estate.

The regional center in Brisbane sold for a total price of A$416.25 million ($366.24 million). The Federation Centres share of the purchase is approximately A$104.06 million ($91.56 million). Federation Centres will provide ongoing property management services at the center.

The sale by AMP was part of the group’s overhaul of its $4.5 billion Australian Core Property Portfolio.

The shopping center was built in 1979 and was refurbished and expanded in 2010. It is anchored by three supermarkets, Woolworths, Coles and Aldi. In addition, it has a Big W, Target and Kmart, along with four mini-anchors and 165 spec

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