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AMP Capital buys retail property, sells office asset
In separate deals in Australia, AMP Capital has purchased a mall for A$154 million (US$108 million) and sold an office tower for A$222 million (US$162.4 million). Both properties are located in the Melbourne metropolitan area.
AMP Capital bought Stud Park Shopping Centre. The subregional mall will be owned by investors in the firm’s Wholesale Australian Property Fund.
The 26,000-square-metre, single-level mall is located in Rowville, approximately 31 kilometres from Melbourne’s CBD. Stud Park’s major anchor tenants include Woolworths Supermarkets, Coles Supermarkets Australia and Kmart Australia, in addition to 58 specialty tenants and a council library. With more than 1,500 car spaces, the mall sits on approximately 11 hectares of land.
AMP Capital Shopping Centres will manage Stud Park Shopping Centre. The addition of Stud Park will increase AMP Capital Shopping Centres’ portfolio to 18 centres across Australia and New Zealand, including Macquarie Cent