AXA IM - Real Assets has announced that its Sydney-based subsidiary, Eureka - Real Assets, acting in its role as investment manager for Commonwealth Superannuation Corporation, has sold 50% of Indooroopilly Shopping Centre in Brisbane, Australia, to AMP Capital. The transaction is worth over €512m. The sale process, which started in May 2017, created significant levels of interest from both large domestic Australian institutions, as well as international investors.
Originally built in 1971, Indooroopilly was renovated and expanded in 1987 and 1998, and again most recently in 2014 when a c.€288m upgrade added 30% more retail space. The c. 116,000 m² super-regional shopping centre now attracts around 12 million customer visits a year. It is anchored by seven major tenants, 14 mini majors and over 300 speciality tenants including a wide range of international retailers. In addition, further development works are planned which will further enhance both the retail offering and experience for shoppers.
Eureka - Real Assets, will continue to act as CSC’s investment manager for its 50% interest in Indooroopilly. In 2016, Eureka was acquired by AXA IM - Real assets as part of its global expansion strategy, significantly enhancing its footprint in the Asia-Pacific region, one of its key investment markets.
Quentin Shaw, Head of Asset Management & Transactions at AXA IM - Real Assets in Australia, commented: “Super regional shopping centres such as Indooroopilly are rarely transacted and we were not surprised by the considerable interest from domestic and global property investors.”
Brett Dillon, Fund Manager at AXA IM - Real Assets in Australia, said: “We look forward to working with AMP Capital as the new co-owners. The centre has considerable potential and we intend to work together to undertake further asset management initiatives to create value and to continue to improve the overall shopper and retailer experience at Indooroopilly.”
