Westfield divests Karrinyup

 

Karrinyup Shopping CentreWestfield Group and Westfield Retail Trust will sell their 33.33 per cent holding in Perth’s Karrinyup Shopping Centre, located in Perth, to UniSuper.

The stake is understood to have been purchased for $246.6 million and is held by the joint venture WestArt Trust. UniSuper is also the owner of the balance of the centre.

The ACCC last week advised Westfield that in order to secure a stake in the neighbouring Perth shopping centre, Innaloo, it would have to divest its share in Karrinyup.

Settlement will take place on September 13.

Karrinyup is managed by AMP Capital on behalf of the two unit holders and does not hold any equity in the Karrinyup Shopping Centre Trust.

Comments

2 comments

  1. confused posted on September 12, 2013

    Didn't Inside Retail report last week (6/9/2013) that Westfield had secured a buyer for Innaloo in order to increase its stake in Karriinyup? Which is true? I am confused!!!!

    • Inside Retail posted on September 12, 2013

      Both. It was tipped to sell Innaloo if it could purchase the whole of Karrinyup, but instead it sold Karrinyup. The fate of Innaloo is yet to be decided, though it looks like Charter Hall will now take Westfield's stake. -Ed

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