Three of Australia’s financial giants have joined forces to acquire a majority stake in Pacific Fair, an iconic location at Gold Coast, Australia.
Cbus Property. UniSuper and AMP Capital have acquired ownership of the Gold Coast’s 400-store mega-centre in a whopping $2.2bn investment, making it the largest retail transaction in Australian history. Furthermore, the trio have acquired a 50 per stake in the Macquaire Centre in Sydney.
“We are delighted to be working with UniSuper and Cbus Property as manager of these incredible assets. Since 2012, AMP Capital has overseen the redevelopment of the assets on behalf of investors to enhance the retail offering and trade area dominance of Pacific Fair and Macquarie Centre,” Kylie O’Connor, Head of Real Estate, AMP Capital, said.
UniSuper’s head of property and infrastructure, Kent Robbins, says the fund is confident of an improved performance from its newly acquired asset. “We anticipate an increase in returns from certain shopping centres as retailers seek exposure to dominant shopping centres, such as Macquarie Centre and Pacific Fair, to leverage their omni-channel retail plans,” he says.
