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New Landlord Imminent For Aussie Retail Giants

Shopping centre giant AMP has confirmed it is currently in negotiations with real estate group Dexus, as well as a number of other interested parties, “regarding the potential sale of the assets and businesses of Collimate Capital.”

Collimate Capital is AMP’s $44 billion real estate and infrastructure business, which has rebranded earlier this year.

This declaration came after The Australian broke a story of a $300 million transaction between the two groups, set to be announced this week.

AMP owns 24 retail centres across Australia and New Zealand, including Macquarie Centre, Indooroopilly Shopping Centre, and Gasworks Plaza. The business has 1.3 million square metres of retail floor spaces, and counts Australia’s big retailers among its tenants.

AMP’s board said it would continue discussions “with a focus on maximising the value for shareholders by getting the best outcome for clients and employees.

“While these discussions continue, AMP remains in a position to pursue either a sale or demerger of these businesses,” the company said.

“AMP will provide further updates to the market as appropriate.”

AMP’s shares dipped 0.9 per cent to $1.05 in early trading, with Dexus dropping 0.2 per cent to $10.76.

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