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Commonwealth Superannuation to sell 50% stake in Australian shopping center

Commonwealth Superannuation Corp. is selling a half-stake in the A$1.5 billion Indooroopilly shopping center in Queensland, Australia, The Australian Financial Review reported.

With the transaction, the company seeks to "achieve prudent portfolio reweighting and to allow the fund to pursue other investment opportunities," the May 31 report said, citing Quentin Shaw, transactions head at Eureka Real Assets, which the company tapped to off-load the stake on its behalf.

The company assumed full ownership of the shopping center in 2006. The asset now has 115,000 square meters of retail space and is anchored by Myer, David Jones, Kmart, Target, Coles and Woolworths, according to the report.

As of May 30, US$1 was equivalent to A$1.34.