Real Estate

AMP Capital announces H&M as part of Karrinyup Shopping Centre development

By AMP Capital media team

Image: Karrinyup Shopping Centre Development: New Eastern Entry, facing Francis Avenue. Artistic impression only and is subject to change. 

Not for release or distribution in the US

AMP Capital is pleased to announce internationally-renowned fashion retailer H&M, Hennes & Mauritz AB (H&M), will open as part of the new-look Karrinyup Shopping Centre.

The $800 million development, which AMP Capital is managing on behalf of owner UniSuper, commenced in November last year and will see the centre almost double in size, growing from 59,874 square metres to 109,000 square metres.

H&M will be one of the key tenants anchoring the significant development, which will offer approximately 290 specialty stores upon completion, including high-quality local, national and international fashion retailers, an extensive food and beverage offering, new Coles and ALDI supermarkets and a state-of-the-art 10 screen HOYTS cinema.

Known for providing fashion and quality at the best price in a sustainable way, H&M is scheduled to open the first section of the highly anticipated new fashion mall in late 2019.

Located on the northern side of the new-look centre, the new fashion mall, which is set to open in full in late 2020, will deliver a unique, forward-thinking mix of new and existing retailers to create a sophisticated and inspirational retail experience.

AMP Capital’s Divisional Development Manager – WA, Scott Nugent, said he is proud to be welcoming the internationally-renowned retailer and cementing Karrinyup Shopping Centre as one of Perth’s leading fashion destinations.

Offering a premium fashion experience is a key focus of the new-look Karrinyup Shopping Centre, so securing H&M is an exciting step in growing our already strong stable of retailers.

“AMP Capital has a long-standing relationship with this iconic brand nationally, so we’re looking forward to building on this and delivering a unique retail experience to the wider Karrinyup area,” said Mr Nugent.

Thomas Coellner, Country Manager for H&M Australia, said they’re looking forward to building their presence in Western Australia by delivering another stand-out fashion destination.

“We are very excited to be opening a store in Karrinyup and to offer our customers another incredible fashion destination in Perth,” said Mr Coellner.

H&M entered the Western Australian market in 2015 and currently has four stores across the state. Through its stores, H&M offers a broad product range including the latest trends and inspiration for customers to create their own personal style.

H&M is expected to open in late 2019, with the entire development of Karrinyup Shopping Centre on target to be complete at the end of 2021.

About the development

  • Construction commenced in November 2018, with the centre set to be complete in three years
  • The centre will almost double in size, expanding from 59,874 square metres to 109,000 square
  • metres
  • The development is estimated to cost $800 million
  • Approximately 290 stores, including H&M, high-quality fashion retailers and an exciting food and beverage offering
  • Large piazza, corso and main street
  • Leisure, lifestyle and entertainment which will include a state-of-the-art 10 screen HOYTS cinema
  • Inviting external landscaped community space which will include a kids’ play area, trees and relaxing, green, open spaces
  • A new Fresh Market precinct with new Coles and ALDI joining the existing Woolworths
  • 134 high-end residential apartments will be included in the overall redevelopment
  • 4,500 parking spaces
  • The development is expected to boost the Western Australian economy and retail sector, with the creation of approx. 2,500 jobs during construction and 2,500 new retail, support and management jobs
  • Multiplex has been appointed to build the new centre

About AMP Capital Real Estate

AMP Capital is one of the largest direct real estate fund managers in the Asia-Pacificwith more than $28 billion2 in assets under management on behalf of global investors. We are also one of the most experienced, with our heritage in real estate investment, development and management spanning over 50 years and many investment cycles, starting with Australia’s first skyscraper which opened in 1962.

AMP Capital’s extensive global network and integrated management model allows its 600-strong team of real estate professionals to realise true value for clients through the investment management, property management and development of a portfolio of some of the most iconic shopping centres, office buildings and industrial estates across Australia and New Zealand.

About UniSuper

UniSuper is the super fund dedicated to people working in Australia's higher education and research sector. With over 400,000 members and $80+ billion in net funds under management, it’s one of Australia's largest super funds.

1. Source: ANREV/INREV/NCREIF Fund Manager Survey 2018
2. As at 31 December 2018. This includes AMP Capital’s 24.9 percent share of PCCP’s NAV, equivalent to A$1.5b as at 30 Sep 2018

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Important notes

This article has been prepared to provide general information and does not constitute 'financial advice' for the purposes of the Financial Advisors Act 2008 (Act). An individual investor should, before making any investment decisions, consider the information available in the relevant Product Disclosure Statement and seek professional advice. While every care has been taken in the preparation of this document, AMP Capital Investors (New Zealand) Limited and the AMP Group (together, 'AMP') make no guarantee that the information supplied is accurate, complete or timely and do not make any warranties or representations in respect of results gained from its use. The information is not intended to infer that current or past returns are indicative of future returns. The views expressed are those of the author and do not necessarily reflect those of AMP. These views are subject to change depending on market conditions and other factors.

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