AMP : Capital’s property development capabilities recognised with industry award

Not for release or distribution in the US

AMP Capital has won the Property Council of Australia's Best Shopping Centre Development award for the redevelopment of Macquarie Centre in Sydney's North Ryde.

The final stage of the $440 million refurbishment of Macquarie Centre opened in October 2014. The project transformed Macquarie Centre's retail offering and customer experience while delivering an exceptional outcome for investors.

AMP Capital Global Head of Property Carmel Hourigan said: 'I'm delighted the AMP Capital Property team has received industry recognition for the excellent job it has accomplished in delivering Macquarie Centre to be our benchmark development.

'Macquarie Centre has performed strongly during its first year of trade, which is pleasing. In managing and developing our assets, we look beyond short-term outcomes and focus on what this means for our investors over the long term; this is one of the important metrics we set ourselves when determining what success looks like.'

The journey towards the redevelopment of Macquarie Centre began in late 2012 when AMP Capital began the project on behalf of three of its funds - AMP Capital Retail Trust, the AMP Capital Diversified Fund and the AMP Capital Shopping Centre Fund - with the intent of creating one of the best retail destinations in Sydney in response to changing demographics in the north-west corridor.

The redevelopment of Macquarie Centre responds to the strong growth in the Ryde region. It has a total trade area of 721,930 people, who are expected to unleash $14 billion in retail spending by 2021.

Ms Hourigan added: 'Our investors backed our research-driven approach to the development of Macquarie Centre, seeing the clear opportunity we had to drive better investment outcomes.

'Macquarie Centre is the first of a number of quality retail developments AMP Capital is undertaking on behalf of our investors. On the Gold Coast, the final stage of the Pacific Fair refurbishment will open in a few months while work continues in Perth on behalf of our investors on the developments of Garden City and Karrinyup shopping centres. These are unique assets with the ability to deliver superior outcomes for our clients.'

In addition, AMP Capital is also working on the development of its landmark Quay Quarter precinct in Sydney's Circular Quay, which will involve construction of a 90,000-square metre tower on behalf of its core fund investor.

Media enquiries

AMP Capital
Catherine Woods
T + 61 2 9257 5615
M + 61 477 320 333
E catherine.woods@ampcapital.com
Twitter: AMP_AU

About AMP Capital

AMP Capital is a specialist investment manager, with a heritage and strength in real estate and infrastructure, and specialist expertise in fixed income, equities and multi-asset solutions. AMP Capital has A$160 billion in funds under management as at 31 December 2015 and more than 250 investment professionals.

About AMP Capital Property
AMP Capital is one of the largest property fund managers in Asia Pacific, with more than 50 years of experience in property investment. It has more than $20 billion in assets under management (as at 31 December 2015) and a team of more than 500 people, who work together to achieve superior property investment performance outcomes for our investors. On behalf of our investors, we manage one of the largest and most established portfolios of diversified property investments in our region including shopping centres, office buildings and industrial assets in prime, sought-after locations.