AMP Capital has bought the Gasworks Plaza, a mixed-use complex in Australia, from Aveo Group for AUD248.4m (鈧�162m).
Located in Newstead, Brisbane, the complex consists of a neighbourhood shopping centre and two office buildings.
Phase three of the project, known as Gasworks 3, is under construction. It will add a further 1,100sqm of retail space and 81 car park spaces.
The transaction is expected to settle in February 2018 for Gasworks 1 & 2, which were completed in 2013, and in September 2018 for Gasworks 3 on completion.
Aveo, a listed company, said the sale would generate a gain of AUD61m. The Gasworks asset was valued at AUD180m at June 30.
Aveo Group chief executive, Geoff Grady, said: 鈥淎s we came to the completion of the Aveo-owned component of the Gasworks precinct, it was opportune to capitalise on the embedded value of the Gasworks retail and commercial component.鈥�
Grady said the sale will release substantial capital for recycling into higher-returning development projects for Aveo, a company specialising in retirement living.
He noted that the transaction with AMP Capital comes on the eve of completion of Aveo Newstead, a 19-storey 鈥渨orld class鈥� retirement living tower which will reach practical completion in May 2018.
With that, he said, the entire Aveo-owned component of the Gasworks precinct 鈥� a massive urban renewal project 鈥� would be complete.
