(Corrects headline and 1st paragraph to "global funds" from
"sovereign wealth funds"; identifies CPPIB as a pension fund in
CANBERRA Oct 25 Two global funds have invested
A$872 million ($904 million) in Australian shopping centres
through wealth manager AMP Ltd as part of an asset swap
deal with mall owner Westfield Group.
AMP said it has bought Westfield and Westfield Retail
Trust's interests in three shopping malls for A$1.025
billion ($1.06 billion). It sold interests in four centres to
Westfield and Westfield Retail Trust for A$710 million.
The transaction was backed by Canada Pension Plan Investment
Board (CPPIB), which manages one of the world's largest pension
funds, and Harina Co Ltd, a wholly-owned subsidiary of the Abu
Dhabi Investment Authority (ADIA), a sovereign wealth fund.
"Their respective investments will allow these highly
regarded international investors to participate in the growth of
leading shopping centres located in high population growth areas
with significant development opportunities," AMP said in a
Westfield will receive approximately A$200 million after the
transaction. It said the deal was expected to have a neutral
impact to its 2012 earnings.
Westfield Retail Trust said it would use the proceeds of
A$180 million from the transaction to buy back up to A$200
million of its shares, approximately 2 percent of issued
Shares in Westfield gained 0.9 percent on Thursday, and
Westfield Retail Trust jumped 2.8 percent. AMP edged up 0.4
percent as of 0157 GMT.
(A$1 = $1.0360)
($1 = 0.9676 Australian dollars)
(Reporting By Maggie Lu Yueyang; Editing by Eric Meijer)