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FinancialNews


  • 25-10-12

    Abu Dhabi, Canada invest in Australia's retail

    (MENAFN) Canada Pension Plan Investment Board (CPPIB) and Harina Co Ltd, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have invested USD904 million in Australian shopping centres through wealth manager AMP Ltd as part of an asset swap deal with mall owner Westfield Group, Reuters reported. AMP said in a statement it has bought Westfield and Westfield Retail Trust's interests in three shopping malls for USD1.06 billion, and sold interests in four centres to Westfield and Westfield Retail Trust for USD732.4 million. Westfield, which will get around USD206.31 million after the transaction, said the transaction will have no impact on its 2012 profits. Westfield Retail Trust is planning to use the cash proceeds of USD185.7 million to buy back up to USD206.3 million of its shares, approximately 2 percent of issued capital.

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