Iconic Gold Coast shopping centre acquired in Australia’s largest-ever retail transaction

Three of Australia’s financial giants have joined forces to complete the largest retail transaction in Australian history by acquiring a majority stake of Gold Coast shopping icon Pacific Fair.

Cbus Property, UniSuper and AMP Capital have acquired ownership of the Gold Coast’s 400-store mega-precinct, as well as a 50 per cent stake in the Macquarie Centre in Sydney.

The eye-watering $2.2 billion investment become the largest retail transaction in Australian history, as well as one of the largest global retail transactions since 2018.

AMP Capital’s Head of Real Estate Kylie O’Connor said that the transaction represents a return of confidence from the business community into the power of physical retail.

“We are delighted to be working with UniSuper and Cbus Property as manager of these incredible assets. Since 2012, AMP Capital has overseen the redevelopment of the assets on behalf of investors to enhance the retail offering and trade area dominance of Pacific Fair and Macquarie Centre,” Ms O’Connor said.

“This deal demonstrates the returning confidence investors have in the retail sector, particularly for high-quality, well-managed assets, and the support for our highly regarded and talented management platform.”