Not for release or distribution in the US
AMP Capital has successfully raised $200 million from new and existing investors in the flagship AMP Capital Shopping Centre Fund. The equity has been raised from Australian institutions and a new mandate from a European pension fund.
AMP Capital Shopping Centre Fund Manager Conrad Sinclair was pleased with the response to the capital raising launched in November 2012.
“We were very happy with the level of interest we have seen in the fund and the speed at which we secured funding from both domestic and international investors," Mr Sinclair said.
“Despite softer retail conditions investors have recognised the very high quality of the portfolio and ability to add further value over the long term as well as AMP Capital’s ability to deliver these outcomes. Their investment allows them to participate in the growth of leading shopping centres with significant development opportunities.
In October 2012, AMP Capital announced a $390 million world class redevelopment of Macquarie Centre expanding the centre to 135,000 square metres gross leasable area with more than 375 speciality retailers. On completion Macquarie Centre will be the second largest shopping centre in Sydney and a top 10 centre in Australia.
The $200 million of new equity will assist in funding the redevelopment of Macquarie Centre in Sydney as well as Ocean Keys in Perth which has also now commenced a development in excess of $100 million. Both developments are planned to be completed in the last quarter of 2014.
The AMP Capital Shopping Centre Fund is a $2.3 billion sector specific shopping centre fund with exposure to 11 assets in five geographic sectors across Australia and New Zealand.