AMP Capital’s Wholesale Office Fund (AWOF) will take a stake in Brookfield’s Wynyard Place development in Sydney, agreeing to acquire a 25 per cent interest in the completed development.
AMP Capital’s separate account client UniSuper has also committed to a 24.9 per cent interest in the completed development.
A private real estate fund managed by Brookfield Asset Management (NYSE: BAM) has appointed a local subsidiary of Brookfield Property Partners L.P. (NYSE:BPY) to undertake the development of Wynyard Place, which will be a significant mixed use precinct bounded by George Street, Margaret Street and Carrington Street at Wynyard in Sydney’s central business district.
Wynyard Place’s centrepiece is a 67,000 sqm, 27-level premium grade commercial tower, which is 45 per cent pre-committed by National Australia Bank (NAB). The development will also include restoration of the historic Shell House and 285 George Street. In addition, 3,500 sqm of high-end retail will be created together with a revitalised Wynyard Lane and a major upgrade to Wynyard Station’s George Street entrance connecting to a grand transit hall and public concourse.
AMP Capital Global Head of Real Estate Carmel Hourigan said: “I’m pleased we have been able to secure a stake in this premiere Sydney development. This is a landmark deal for AMP Capital and it is testament to our ability to find and deliver significant investments for our clients that meet their objectives.”
AWOF Manager Nicholas McGrath said: “We are delighted to be investing in this outstanding development, which is underpinned by a long lease to NAB. NAB has been an important customer of ours at 255 George Street, Sydney, for more than 30 years and is also the sole occupier of AWOF’s 700 Bourke Street in Melbourne. We look forward to continuing our ongoing relationship with NAB at Wynyard Place.
“This acquisition is aligned with AWOF’s strategy of acquiring or developing next-generation, well-let prime office assets with best-in-class sustainability credentials. The Wynyard Place development complements perfectly AWOF’s $5 billion portfolio of prime commercial properties.”
The development has achieved a 6-star Green Star design v3 rating and is targeting a 6-star Green Star as built v3 rating, 5.5-star NABERs energy rating, 4-star NABERS water rating and a 4-star NABERS Indoor Environment rating.