AustralianSuper has sold its 50% stake in a UK shopping centre to Royal London Asset Management Property, with Federated Hermes retaining the remaining half on behalf of the BT Pension Scheme (BTPS).
Royal London said it has invested in the 1.3m sqft centre:mk mall shopping centre in Milton Keynes without disclosing financial terms.
In January 2014, in the 拢270m (鈧�323m) UK shopping centre from BTPS, marking the Australian superannuation fund鈥檚 first direct property investment outside its domestic market and reducing the BT Pension Scheme鈥檚 interest after nearly 40 years of ownership.
The Grade II listed, purpose-built shopping centre was constructed in 1979.
Paul Nicholson, Senior Asset Manager at Royal London Asset Management Property, said the acquisition marks a significant move for Royal London Asset Management Property, 鈥渄emonstrating our confidence in the retail market鈥檚 recovery and the future success of well located, best-in-class shopping centres鈥� such as centre:mk.
鈥淎s consumer confidence improves, low inflation and high earnings growth are expected to enhance spending power, subsequently boosting retailers鈥� sales. centre:mk, as a catchment-dominant shopping centre, is poised to benefit from this recovery.
鈥淯nderpinned by high footfall and sales, centre:mk offers a strong, stable income stream coupled with a low vacancy rate, significantly below the UK shopping centre average, highlighting its resilience and appeal.
鈥淭his acquisition enhances our balanced portfolio by increasing our retail sector exposure. We anticipate strong returns and excellent rental growth, and look forward to working with Federated Hermes to further centre:mk鈥檚 success.鈥�
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