Deal profile | Gadens advises Cbus Property as they become partners in ACRT, Australia’s largest retail transaction

Gadens has advised Cbus Property as they joined together with UniSuper, one of Australia’s leading superannuation funds, to form a partnership with AMP Capital, one of the largest direct real estate fund managers in the Asia-Pacific. The new AMP Capital Retail Trust (ACRT) partnership has taken the majority ownership of Pacific Fair in Queensland, which was recently recognised as the Queensland Retail Property of the Year, and 50 per cent ownership of Macquarie Centre in New South Wales.

The $2.2 billion investment demonstrates Cbus Property’s confidence in the retail sector, particularly in the future of retail assets such as Pacific Fair and Macquarie Centre, which have been successfully managed and developed by AMP Capital for over 30 years.

As one of Australia’s leading property investors and developers, Cbus Property’s acquisition of these premium flagship retail assets, compliments its existing portfolio and presents an exciting opportunity for itself and the other partners.

Andrew Kennedy, Head of Real Estate and Construction commented,

“Gadens has a long-standing relationship with Cbus Property and we are delighted to continue supporting them with the growth of their real estate portfolio. As Australia’s largest retail transaction, Cbus Property continues to make strategic real estate investments that continue to provide strong returns for its members.”

With Matt Egerton-Warburton, Corporate partner adding,

“This transaction continues a trend of industry super funds taking an active ownership interest in premium property assets. We enjoy the responsibility of assisting super funds with these more challenging transaction and assisting these important institutions as they seek to diversify and broaden income streams for their members.”

Deal value: $2.2 billion.

Practice groups: Corporate and Real Estate and Construction.

Deal significance: The record breaking transaction demonstrates a positive investor outlook and ongoing momentum in Australian retail. It marks the largest retail transaction and the two largest individual retail asset transactions in Australian history, as well as one of the largest global retail transactions since 2018.

Key team members: The transaction was led by a cross practice Gadens team, which comprised of partners Andrew Kennedy (Real Estate and Construction); Clare Miller (Corporate), Jeremy Smith (Corporate) and Matt Egerton-Warburton (Corporate). They were assisted by Jeremy Bouton (Associate) and Rachel Yard (Associate) in the Real Estate and Construction team.