Two of the world’s largest sovereign wealth and pension funds Canada Pension Plan Investment Board, or CPPIB, and Abu Dhabi Investment Authority, or ADIA, are betting that Australians will keep shopping in-store, despite the rise of online alternatives.
CPPIB along with ADIA’s wholly-owned subsidiary Harina Company Ltd. have each paid 436 million Australian dollar (US$451 million) for a 37% stake in AMP Capital Retail Trust. The unlisted property trust owns half of Sydney’s Macquarie Centre and 80% of Gold Coast’s Pacific Fair Shopping Centre.
“The addition of these two assets expands our retail portfolio in Australia and represents a rare opportunity to acquire interests in two high quality and well located retail shopping centres with excellent future expansion and growth potential, CPPIB senior vice president of real-estate investments Graeme Eadie said. He added that the properties fit CPPIB’s long-term investment strategy of owning core assets over the long-term.
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