Pacific Fair shopping centre in Broadbeach has been sold in a record-breaking deal.
A majority stake in the centre has gone for $2.2 billion dollars this week, confirmed in a statement overnight.
The transaction has become the largest retail sale in the nation’s history.
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Investment giants Cbus Property and UniSuper are the new owners of the stake, but AMP Capital will continue in management as part of the contract.
UniSuper’s Head of Property and Infrastructure, Kent Robbins, expects a return to confidence in the retail sector.
“UniSuper is pleased to announce its latest investment into quality retail assets.
“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 omnichannel retail plans.
“We look forward to our partnership with Cbus Property and AMP Capital to maximise the potential of the assets, including the mixed-use development opportunities for both centres, to deliver greater retirement outcomes for our members,” Mr Robbins said.
The transaction also includes a 50 per cent ownership of the Macquarie Centre in New South Wales.