Sydney-based GPT Group is set to manage AMP’s Karrinyup Shopping Centre, as the management of the group's retail assets changes hands.
The management of AMP Capital’s retail assets will be transferred to an external party after the group relinquished control of its retail portfolio.
Sydney-based fund manager GPT Group, in line to take control of AMP's retail assets, will manage its largest WA shopping centre in Karrinyup.
An AMP spokesperson confirmed the Karrinyup move, which took effect yesterday (September 1), near the expected completion AMP Capital's sale.
In addition, it is understood Dexus will manage AMP’s Ocean Keys Shopping Centre from October 1.
AMP Capital entered a brief trading halt this morning as a decision to transfer the management of its $2.76 billion AMP Capital Retail Trust to an external entity.
“The decision to change manager does not impact the completion of the sale of the real estate and domestic infrastructure equity business to Dexus, which is expected to be complete by November 2022,” AMP said in a statement.
The earnout payable to AMP under the sale terms will reduce to about $20 million as a result of the retail trust management rights not transitioning to Dexus.
In April, Dexus announced it would purchase AMP’s Collimate real estate and infrastructure equity business, comprising about $31 billion assets under management.
Mirvac Group announced last month it would take over the management of AMP’s $7.7 billion office fund, which would increase the national developer’s third-party funds under management to $18.1 billion.
The Unisuper-owned Karrinyup Shopping Centre underwent an $800 million overhaul that completed last year.
AMP Capital's former divisional investment and development manager Scott Nugent has joined GPT Group.
AMP's shares were down 0.86 per cent to $1.16 at the time of writing.
