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Sale of 50% stake in the Indooroopilly super-regional shopping centre in Brisbane

Sale of 50% stake in the Indooroopilly super-regional shopping centre in Brisbane

Press Release
30 November 2017

AXA Investment Managers - Real Assets sells 50% stake in the Indooroopilly super-regional shopping centre in Brisbane

 

AXA Investment Managers - Real Assets (“AXA IM - Real Assets”), a global leader in real assets investment and the leading(1) real estate portfolio and asset manager in Europe, announces that its Sydney-based subsidiary, Eureka - Real Assets, acting in its role as investment manager for Commonwealth Superannuation Corporation (“CSC”)(2), has  sold  50% of Indooroopilly Shopping Centre in Brisbane, Australia, to AMP Capital. The transaction is worth more than A$800 million (c.€512 million)(3). 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 A$450 million (c.€288 million)(3) upgrade added 30% more retail space. The c. 116,000 sqm 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.” 

– ENDS –

1) Source: INREV/ANREV Fund Manager Survey – May 2017 – in terms of assets under management

2) Commonwealth Superannuation Corporation provides superannuation services and products exclusively for Australian government employees and members of the Australian Defence Force, with funds under management of A$41 billion.

3) Conversion as of November 29th, 2017

 

 

 

Press Contacts

 

AXA Investment Managers - Real Assets

Charline Coué, Media Relations Manager

Jocelyne Tamssom, Head of Communications

Tel: +33 1 44 45 97 95

PressOfficeAXAIMRealAssets@axa-im.com

 

FTI Consulting Inc.

Richard Sunderland, Ellie Sweeney, Richard Gotla, Tom Gough

Tél: +44 20 3727 1000

AXAIMRealAssets@fticonsulting.com         

Note to editors

AXA Investment Managers is an active, long-term, global, multi-asset investor focused on enabling more people to harness the power of investing to meeting their financial goals. By combining investment insight and innovation with robust risk monitoring, we have become one of the largest asset managers in Europe with ambitions to become the chosen investment partner of investors around the world. With approximately €732 billion in assets under management as at end of September 2017, AXA IM employs over 2,450 people based in 29 offices around the world.

AXA Investment Managers - Real Assets has €74 billion in assets under management, including €56.5 billion in direct property & infrastructure and €14 billion in real asset finance as of end of September 2017. We offer a 360° approach to investing in real assets, which comprises opportunities in equity or debt, across different geographies and sectors, as well as via private or listed instruments. We are a global leader in real assets investment, the number one property portfolio and asset manager in Europe(1), and one of the largest worldwide. Our teams have been managing funds and mandates for over 30 years and comprise about 600 people in 15 offices that operate in 20 countries around the world, which provide us with in-depth knowledge of countries, cities and sectors.

AXA Investment Managers is part of the AXA Group, a global leader in financial protection and wealth management.

Visit our websites:               www.axa-im.com

https://realassets.axa-im.com

Follow us on Twitter @AXAIM / @AXAIMRealAssets to get our latest information

1) Source: INREV/ANREV Fund Manager Survey – May 2017 – in terms of assets under management

 

This document is aimed solely at the media and is for information purposes only. The opinions expressed here are the views of the author and do not constitute investment advice. This is not a recommendation to purchase, sell or subscribe to financial instruments, an offer to sell investment funds or an offer of financial services. This press release is as dated. They do not necessarily represent the views of any company within the AXA Investment Managers Group and may be subject to change without notice. This does not constitute a Financial Promotion as defined by the Financial Conduct Authority. This is for information purposes only. No financial decisions should be made on the basis of the information provided. Past performance is not necessarily representative of future results: performance is not constant over time and the value of investments may fall as well as rise
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