AMP Capital has acquired the Marketown Shopping Centre in Newcastle from the Cartier Group on behalf of Sunsuper.
The 26,000 square metre sub-regional shopping centre spans two separate sites connected by a 920-space carpark.
As part of the acquisition, AMP Capital said it has taken over management of the shopping centre from Knight Frank.
AMP Capital head of separate accounts John Dynon said the acquisition is about “delivering great investment outcomes for our clients in a selective and disciplined manner”.
As a result of the acquisition, Sunsuper’s portfolio consists of more than eight commercial assets.
Sunsuper manager for private markets Michael Weaver said the purchase complements the fund’s existing portfolio.
“Although we have considered such opportunities in the past, Marketown is the first asset to deliver on the right price, scale, tenant mix, leasing and development upside,” Mr Weaver said.