Sydney-headquartered global investment manager AMP Capital has acquired a regional shopping center in Australia for $154 million.
The acquisition was made via the firm’s open-ended real estate fund, the Wholesale Australian Property Fund (WAPF).
Stud Park Shopping Center, a 279,861 square feet single level shopping center is located in Victoria. Australian supermarkets such as Woolworths and Coles are among the anchor tenants in the center, which has 58 tenants in total.
“Stud Park Shopping Center is a welcome addition to the fund’s portfolio, and provides diversification of both income and geography. We expect the solid performance of the center to continue and take advantage of the higher incomes in the trade area, which are 12 percent above the Melbourne average,” said Chris Davitt, fund manager of WAPF.
AMP Capital will also undertake the management of the center. Following this acquisition, the firm now has 18 shopping centers in its Australia and New Zealand portfolio combined.
Last month, the firm made another acquisition via WAPF when it acquired an industrial unit estate in Port Melbourne, close to the city’s central business district, for $36.2 million. 704-744 Lorimer Street is a fully-leased industrial complex with various office and warehousing units.
Established in 1985, WAPF had $750 million in gross assets under management as of end June 2015.