AMP Capital has been informed that Westfield Group and Westfield Retail Trust will sell their 33.33 per cent holding in Karrinyup Shopping Centre, located in Perth, to UniSuper. The holding is held by the joint venture WestART Trust.
AMP Capital manages Karrinyup Shopping Centre on behalf of the two unit holders and does not hold any equity in the Karrinyup Shopping Centre Trust.
Recently, the unit holders completed a strategic review of Karrinyup Shopping Centre which indicated a simplification of the ownership structure would provide the best investment outcome for the two unit holders.
With both unit holders interested in owning 100 per cent of the asset, the unit holders agreed the transaction price with settlement to occur on 13 September 2013.
AMP Capital has a long history and strong relationship with UniSuper, who is a key client of its Separate Accounts business which manages more than $7.8 billion in funds under management on behalf of leading Australian and international institutional clients.
AMP Capital will continue as manager of Karrinyup Shopping Centre.
AMP Capital clients and managed funds own an exceptional portfolio of high quality retail assets that are positioned for growth. AMP Capital has a development pipeline of over $1.4 billion with the redevelopment of Macquarie Centre (NSW), Pacific Fair (QLD), Ocean Keys (WA) and Garden City Booragoon (WA).