Running concurrently with the transaction, WDC and WRT have acquired AMP Capital managed funds' interests in four centres for $710 million. This includes Garden City Mt Gravatt in Brisbane, a part interest in Warringah Mall in Sydney and Knox and Casey Central in Melbourne,
AMP Capital raised $872 million in new equity from the Canada Pension Plan Investment Board (CPPIB) and Harina Company Limited, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), to help complete the transaction.
AMP chief executive officer Craig Dunn said the support from existing and new investors for the transaction is an endorsement of AMP Capital's well-recognised property investment capability as well as a vote of confidence in the Australian retail sector.
"We have partnered very successfully with Westfield Group for over 50 years to deliver our clients superior investment returns across our shopping centre portfolio.
"Now is the right time to simplify our relationship to ensure we continue to deliver the best possible outcome for our investors well into the future," Mr Dunn said.
The new equity will be invested in the AMP Capital Retail Trust (ACRT) - which has interests in Macquarie Centre and Pacific Fair.
According to the group, the investments allows these international investors to participate in the growth of leading shopping centres located in high population growth areas with significant development opportunities.
AMP Capital managed funds will also invest A$970 million on the redevelopment of Macquarie Centre and Pacific Fair.
The redevelopments at Macquarie Centre and Pacific Fair are fully funded as a result of the new investors and the support of other AMP Capital managed funds and their investors.
AMP Capital will continue to manage the centres now wholly owned by AMP Capital managed funds.
