AMP Capital has announced it has settled on the sale of the AMP Capital Wholesale Office Fund (AWOF)’s 50 per cent interest in Sydney’s landmark 200 George Street building.
Following a competitive sales campaign that attracted strong interest, both domestically and abroad, AWOF’s co-owner, a Mirvac entity, exercised pre-emptive rights to acquire the interest.
The sale price of $578.5 million represented a premium of approximately 12 per cent relative to AWOF’s book value prior to the launch of the sales campaign.
AWOF Fund Manager, Kit Georgeos said the sale of the asset achieved a substantial premium for investors and highlighted the strong demand for premium office assets in gateway locations.
“At a significant premium to book value, the sale of 200 George Street is an excellent result for the Fund and its investors and demonstrates the continued strong appetite for prime CBD office assets.
“This result really highlights the strong capability of the broader real estate team including capital transactions and demonstrates why AWOF continues to lead its peers as Australia’s top unlisted office fund,” she concluded.
The sale of this asset is in-line with the Fund’s strategy and capital management plan.
The AMP Capital Wholesale Office Fund (AWOF) has over $7 billion in core office assets, providing investors with exposure to an office portfolio exclusively located in the markets of Sydney and Melbourne. The fund strategy is focused on owning prime, well-located office assets and leveraging the capability of around 550 real estate specialists to deliver superior investment results. This approach has resulted in AWOF as the top performing wholesale office fund in Australia, leading its peers over the last one, two and three years.*
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About AMP Capital
AMP Capital is one of the largest and most experienced direct real estate fund managers in the Asia Pacific, with more than $23.7 billion in funds under management as at 30 June 2021. AMP Capital offers institutional and private investors access to real estate equity and debt opportunities globally through a range of wholesale funds and separately managed solutions.
* MSCI/Mercer – Office Index
While every care has been taken in the preparation of this document, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. Neither AMP Capital nor any company in the AMP Group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this document This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This document is not intended to be and does not constitute financial advice nor a recommendation to subscribe for or purchase any investment by any person in any jurisdiction nor does it constitute an offer, solicitation or invitation to subscribe or purchase any investment in any jurisdiction where it would be contrary to the laws, regulations or directives in force or applicable in such jurisdiction.