SALE OF THE CENTURY
A POSSIBLE SALE OF PACIFIC FAIR IS JUST SPECULATION – AND WE WON’T BE COMMENTING ON SPECULATION
AMP SPOKESWOMAN
OWNERS of the Gold Coast’s largest and best-loved shopping centre look set to put it to market in a $1.8bn move that could be Australia’s biggest ever retail commercial property sale.
Pacific Fair, which has been a Broadbeach stalwart since it opened in 1977, is owned by two investment funds, which each have plans to sell their share.
AMP Capital Retail Trust has reportedly appointed Colliers International to sell its 80 per cent stake in the centre. However, neither AMP nor the agency would comment on Friday.
“A possible sale of Pacific Fair is just speculation – and we won’t be commenting on speculation,” an AMP spokeswoman said.
Major holders in the retail trust include the Abu Dhabi Investment Authority and the Canada Pension Plan Investment Board.
The remaining 20 per cent stake, owned by the AMP Capital Diversified Property Fund, is on the market separately, with CBRE appointed to find a buyer.
The property fund merged in April with rival fund Dexus, which has flagged plans to sell assets, partly so it can pay investors $2bn in outstanding redemptions.
Pacific Fair will be marketed by CBRE’s head of retail capital markets Simon Rooney, who is also running the campaign for Westfield Helensvale. The Bulletin contacted Mr Rooney for comment.
The 20 per cent stake has been valued between $336m and $366m.
The news comes a week after the Queensland Investment Commission announced its plans to sell a 50 per cent stake in Westfield Helensvale.
Pacific Fair is on a 16.6 hectare site in central Broadbeach, next to The Star Gold Coast and the Gold Coast Convention and Exhibition Centre.
It opened in August 1977, and has been renovated or redeveloped six times, most recently in 2016, when it underwent a $670m overhaul to become a resort-style centre, focused on food and visitor experience.
The renovations added 50,000sq m to the centre to take it to 155,000sqm – the fourthlargest in Australia.
The redevelopment sparked a flurry of activity in other centres, with YPG Shopping Centres embarking on a $25m transformation of Australia Fair and Robina Town Centre owner Westfield spending $160m on The Kitchens dining precinct.