Case Study | Pacific Fair & Macquarie Centre: Real Estate Advisory

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Location (City)	Asset Type	Transaction Date	Size (Sqm)	Value (USD)
Broadbeach, QLD & Macquarie Park, NSW	Retail	October 2021	288,107	Approx. $1.64 billion

Buyer: UniSuper, Cbus Property and AMP Capital

Seller: AMP Capital Retail Trust (ACRT)

Services provided: Real Estate Advisory

The Project

Pacific Fair dominates the retail landscape of the Gold Coast. It was recently recognised as the Queensland Retail Property of the Year by Property Council of Australia, with an unmatched offering of international luxury brands, restaurants and iconic Australian retailers in a resort style shopping centre.

Macquarie Centre draws from its expansive trade area by providing a complete shopping and entertainment experience for its customers as the go-to destination for fashion, fast food, dining and entertainment.

The Strategy

Colliers was appointed due to their strong relationship with the vendor and best-in-class track record managing a transaction process of this magnitude. Colliers proposed an On-Market International Expression of Interest (EOI) campaign, while simultaneously engaging investors before an official campaign launch.

The Result

The portfolio of assets was successfully sold and settled off-market. The result was well beyond the vendor’s expectations, as the Colliers team sought to maximise the outcome by ensuring a tightly controlled process.

Cbus Property, UniSuper and AMP Capital acquired 80% of Pacific Fair in Queensland and 50 per cent of Macquarie Centre in New South Wales for an approximate $2.2 billion in a deal facilitated by Colliers in conjunction with Morgan Stanley on behalf of AMP Capital Retail Trust (ACRT).

This deal represents the largest retail transaction globally in the last three years and the largest agency-negotiated (non- M&A) retail transaction in Australian history. This is more than double the value of the second largest, being the Pacific Portfolio in 2017 for approximately $1 billion.

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Related Experts

Lachlan MacGillivray

Managing Director, Asia Pacific | Retail Capital Markets

Investment Services

Sydney

+61 2 9257 0290

+61413053919

Specialising in the sale of major shopping centres, Lachlan has managed the sale of over $15 billion worth of shopping centres, working with a wide range of clients including institutional, international and private investors.

In 2021, Lachlan’s team transacted the largest retail deal in Australian history, with the sale of Pacific Fair and Macquarie Centre for $2.2 billion. This deal represents the largest retail transaction globally since 2018. He also secured the second largest agency retail transaction in Australia at $1.00 billion in the sale of Pacific Werribee and Pacific Epping.

In 2019, Lachlan's team transacted 83% of all retail assets greater than $100 million, equalling a total of $3.58 billion in sales. These included:
• The sale of Westfield Marion, SA for $670 million (50% interest);
• The sale of Westfield Burwood, NSW for $575 million (50% interest);
• The sale of Garden City Booragoon, WA for $575 million (50% interest);

In the last 5 years, Lachlan has sold 8 out of the 9 Australian regional shopping centres that were presented to market, and has successfully marketed over 100 different assets. Lachlan has achieved the largest individual transaction in Australian history with the sale of Indooroopilly Shopping Centre, QLD for $810 million (50% interest).

With an in-depth understanding of shopping centre performance, Lachlan can provide you with expert advice on the sale and acquisition of all your retail investment:

• Capital Partnering / Joint Ventures / Portfolio Transactions
• Asset Marketing and campaign strategy, implementation and execution
• Shopping centre acquisition and disposal
• Sale negotiation and transaction
• Strategic asset positioning and repositioning to maximise asset performance
• Buy side investment advisory

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