The group’s fund management arm, AMP Capital, is selling malls from an unlisted fund it runs to meet redemption requests, before handing it over to Dexus to run.
The mall sales have been prompted by AMP Capital’s need to fund more than $600 million in redemption requests from about two-thirds of the nearly 30 institutional investors in the $3.5 billion wholesale shopping centre fund. Those requests were lodged as part of a “liquidity window”, through which investors can withdraw a maximum of 25 per cent of their units every five years.
Although AMP Capital is a motivated seller, the sale of the Perth mall and the Townsville offering send a strong signal on pricing for the retail property market, which was showing signs of recovering from the turmoil of the lockdowns.
“The offering comes as investment into regional centres reaches record low levels off the back of a resurgence in activity in the latter end of 2021,” said JLL’s Nick Willis, who is the broker for the Townsville stake along with his colleague Sam Hatcher.
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