AMP Capital funds have acquired Westfield’s interests in three retail centres for $1.025 billion, while Westfield acquired AMP Capital funds’ interests in four assets for $710 million.
AMP Capital funds have acquired Westfield Group and Westfield Retail Trust’s interest in three retail assets - Sydney’s Macquarie Centre, Pacific Fair on the Gold Coast and Perth’s Garden City Booragoon - for $1.025 billion.
Simultaneously, Westfield Group and Westfield Retail Trust have acquired AMP Capital funds’ interests in four retail assets - Brisbane’s Garden City Mount Gravatt, a part interest in Sydney’s Warringah Mall, and Knox and Casey Central in Melbourne - for $710 million.
In simplifying its relationship with the Westfield Group and Westfield Retail Trust, AMP Capital’s number of co-owned centres is now four, down from 10.
AMP Capital has also attracted $872 million in new equity from the Canada Pension Plan Investment Board and Harina Company, a wholly owned Abu Dhabi Investment Authority subsidiary.
The equity will be invested in the AMP Capital Retail Trust. The Trust has interests in Macquarie Centre and Pacific Fair. AMP Capital plans to invest $970 million redeveloping these assets.
A $390 million Macquarie Centre redevelopment will begin immediately and plans for a $580 million major Pacific Fair redevelopment are being finalised.
Planning is also underway for a proposed $350 to $400 million redevelopment at Garden City Booragoon.