David Harrison

Charter Hall Group (Charter Hall or the Group) is pleased to announce its Charter Hall Prime Office Fund (CPOF) has ranked as a Global Sector Leader in the 2022 Global Real Estate Sustainability Benchmark (GRESB) for leadership in integrating environmental, social and governance (ESG) considerations.

This year, 24 Charter Hall funds participated in the GRESB Assessment with 17 of these achieving scores within the top 20% of the GRESB universe. Our unlisted Retail funds are also credited as Regional Sector Leaders for Oceania.

Established in 2009, GRESB is today used by more than 170 institutional investors and is considered to be the largest and leading assessment of the sustainability performance of real estate assets and portfolios. In 2022, more than 1,820 listed and unlisted portfolios participated in the assessment, representing USD$6.9 trillion in gross asset value under management across 74 countries.

Charter Hall’s performance in ESG benchmarks, including GRESB, is underpinned by our long-term commitment to integrating ESG into our business. This reflects our Group-wide approach to actively partnering with customers to drive mutual success, including environmental and social outcomes, alongside financial.

Charter Hall Managing Director & Group CEO, David Harrison, said, “We are pleased to see our funds perform as global and regional sector leaders with 17 of our funds and partnerships in the top quintile of the GRESB assessment in 2022, which is exceptional considering the benchmarks’ continued growth”.

“We have accelerated our commitment to net zero carbon for Scope 1 and 2 emissions from 2030 to 2025. We believe our approach to sustainability will continue to attract and retain the best tenant and investor customers, while making a valuable contribution to improving our communities and the planet.

“Combined, our efforts support a lower cost of operation as well as long-term risk adjusted returns for investors across our portfolios,” he said.

This year’s performance in GRESB is further evidence of Charter Hall’s continued approach to integrating ESG into asset creation and operation, through securing onsite and offsite renewables, transitioning buildings away from fossil fuel and reducing our carbon footprint.

Charter Hall Office CEO, Carmel Hourigan, said “At Charter Hall, we take pride in understanding what our customers need and value to deliver best-in-class, sustainable and future-ready assets.”

“Our Office portfolio offers leading green credentials, including designing carbon-ready developments with all electric plant and equipment, demonstrating our commitment to provide stabilised, sustainable assets and low carbon outcomes,” she said.

Charter Hall Retail CEO, Ben Ellis, added “ We are thrilled to see our listed and unlisted Retail funds increase performance in GRESB for the period. We have partnered with customers to install more than 22.5MW of onsite solar and 6.5MW of operating battery capacity in the portfolio – lowering our operating cost and supporting our goal to achieve net zero by 2025.”

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Kylie O’Connor

AMP Capital has announced Kylie O’Connor has been promoted to lead its real estate business and will join the leadership group.  Ms O’Connor is currently AMP Capital Real Estate’s Chief Operating Officer and Managing Director of Separate Accounts and will replace Carmel Hourigan who is leaving the business.

As Head of Real Estate, Ms O’Connor will lead the team managing more than A$28 billion of commercial real estate on behalf of institutional and retail investors across equity and debt investment solutions.  This includes the management of AMP Capital’s integrated fund, investment, development and property management platform, as well as its strategic global partnerships.

AMP Capital CEO Boe Pahari said: “I am delighted to appoint Kylie O’Connor to lead our real estate business, recognised as one of the largest and most experienced wholesale property managers in the Asia Pacific, and key to our real assets strategy.  Kylie is a great leader and her promotion is testament to the strong talent within AMP Capital’s real estate team.  Highly regarded by our clients, our team and within the industry, she’s ready to lead the next phase of growth for our real estate business.

“Kylie has a deep breadth of both commercial and real estate investment experience and will bring a strong focus on delivering investment outcomes for our clients. I also value her contribution to the wide and diverse views in the leadership group.”

Ms O’Connor joined AMP Capital in 2015 as Fund Manager for AMP Capital Diversified Property Fund, before taking on the role of COO in 2018.  She has 25 years’ experience in property funds management and has been involved in the delivery of several large development projects on behalf of wholesale investors.  Prior to AMP Capital, she held a number of senior fund management, audit and advisory roles at Lendlease and Arthur Andersen.

Ms O’Connor said: “I’m pleased to be appointed to lead this first-class real estate business and join Boe’s leadership team.  With over 60 years’ heritage in managing iconic real estate for local and global investors, we have an excellent foundation of depth of talent, premium assets and great client relationships on which to grow the business.

“While COVID 19 has created challenges for the industry, we’re constantly engaging with tenants, customers and investors to find the right outcome, and I’m confident in our ability to deliver for our clients, our people and our shareholders.”

Also announced yesterday, Luke Briscoe will take on the role as Chief Operating Officer, Real Estate, reporting to Ms O’Connor, where he will oversee the operations of the business while seeking opportunities to enhance the real estate platform.  Mr Briscoe held the position of Managing Director, Office & Logistics for the past five years and as Chief Operating Officer will also lead its circa $10 billion separate accounts business.

Ms O’Connor added: “I am proud of the high calibre of talent in our real estate business and look forward to continuing to work closely with Luke and the rest of the Real Estate leadership team who are united in our commitment to lead the business into its next chapter of growth.”

Ms O’Connor will report to Boe Pahari and join AMP Capital’s leadership group effective immediately.

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The appointments expand the leadership group to reflect AMP Capital’s strategy to grow in the world’s largest asset management markets and ensure both clients and investment expertise are represented.

AMP Capital CEO Boe Pahari said: “AMP Capital’s success will be determined by our global representation, client centricity and strong heritage and foundation, and the appointments we have made today reflect that. We are building a client-led, globally integrated investment platform to further increase access to global capital and drive collaboration across our teams to deliver better outcomes for clients.

“We are drawing on the talents within our business and seeking to bring a diversity of views to the leadership group. This group will develop and execute AMP Capital’s new strategy. I’m excited by what we will achieve together, as we continue to export our investment excellence to a global market, particularly in real assets.”

Summary of the changes:

• Patrick Trears has been appointed Global Head of Infrastructure Debt, based in the US. The appointment reflects the importance of North America in infrastructure debt, which is one of our largest markets for current and potential clients and deal opportunities. Patrick, who is currently Head of Infrastructure Debt in the US, will succeed Andrew Jones, who will now leave AMP Capital.
• Tim Smith has been appointed Head of International Distribution. Currently head of American and European distribution, Tim will be elevated to the leadership group.
• Aideen O’Donovan has been appointed Chief Financial Officer, replacing Adrian Williams, who is stepping down from his role as the Acting Chief Financial Officer and Chief Operating Officer (COO) for personal reasons. Aideen is currently Head of Finance and will join the leadership group.
• Simon Joiner has been appointed Chief Operating Officer, picking up Adrian Williams’ COO duties. Simon is currently COO in the North West region and will expand his remit and join the leadership group. Adrian will take on the role of Global Transition Manager to oversee the separation of the functions until the end of the year.
• Simon Ellis, currently Partner, Infrastructure Equity has been appointed as Head of Americas. Partners Infrastructure Equity, Matt Evans and Ruben Bhagobati have been appointed Co-Heads of Europe. These three new roles in key international markets will look to drive growth across their respective regions, beyond their own investment capability roles.
• After five successful years of building the Real Estate business, Carmel Hourigan has decided to leave AMP Capital to take up a new role at Charter Hall. A process to replace Carmel has already commenced and Carmel will remain in the role to manage an orderly handover of responsibilities.
• With Madeleine Mac Mahon’s decision to resign after 12 years with the business, Lisa Hurley and Lauren Crystal, currently AMP Capital People & Culture Business Partners, have been appointed Co-Heads of People & Culture. Lisa and Lauren will be members of the leadership group.

There are no changes to the roles of: Managing Director Asia Pacific, Craig Keary; Global Head of Public Markets, Simon Warner; General Counsel, Yen Hui Tie; and Chief Risk Officer, Natalie Kooyman, who will all remain members of the leadership group.

Mr Pahari said: “I’d like to thank Madeleine and Adrian for the important role they have played in the development of AMP Capital. Andrew has done an outstanding job to build our infrastructure debt business, particularly the success of the IDF series. They each leave with our best wishes. I’d also like to congratulate Carmel on her new role and wish her every success for her new challenge.

“Pleasingly we’re able to take advantage of the deep pools of internal talent, and combined with our established leadership group, we will continue to build upon our culture underpinned by performance, excellence and inclusion.”

The leadership group announced today will develop and deliver AMP Capital’s strategy, to be announced at AMP’s Half Year results on 13 August 2020.

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Chief Operating Officer, Real Estate

Kylie O’Connor has been appointed Chief Operating Officer for Real Estate, responsible for AMP Capital Real Estate’s group-wide functions of finance, strategy, research, governance, risk and compliance, sustainability, business platforms and corporate marketing and communications.

Currently Fund Manager for AMP Capital Diversified Property Fund (ADPF), AMP Capital’s largest pooled real estate fund, Ms O’Connor has done an outstanding job to identify and unlock value for ADPF clients, while demonstrating the strategic, systemic and enterprise thinking required for her new role as COO. An internal and external recruitment process is underway for a new Fund Manager for ADPF, and Ms O’Connor will commence the COO role once an appointment is made.

International Strategy

To continue to leverage the strengths of AMP Capital’s real estate capabilities globally, Merran Edwards has been appointed to the new role of Head of International Strategy, Real Estate.  Ms Edwards was instrumental in AMP Capital’s investment into US-based real estate investment manager PCCP and this new role will harness her experience to explore and create new opportunities in key markets whilst leveraging our strategic partnerships.

Office and Industrial Management

Luke Briscoe, as Managing Director Office & Industrial, will assume a broader role with accountability for office and mixed-use development. This change aligns with AMP Capital’s integrated management model and includes the delivery of office development including the iconic Quay Quarter Sydney project.

AMP Capital Global Head of Real Estate Carmel Hourigan said she was delighted to announce these appointments to her leadership team, and Mr Briscoe’s expanded role.

“I’d like to congratulate Kylie and Merran on their appointment to these important roles, both have demonstrated unwavering focus and dedication to creating value for our clients.

“I’m confident these changes support our continual focus on delivering outstanding investment experiences and our aspiration to maximise opportunities for our clients. The changes align to our ambitious international and domestic growth strategy and also demonstrate the strong talent pipeline and succession planning of our people,” Ms Hourigan said.

The appointment of Merran Edwards and the additional accountabilities for Luke Briscoe are effective immediately.

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Carmel Hourigan

AMP Capital has announced it is commencing construction of Quay Quarter Tower following more than five years of planning and obtaining development approvals for the site.

Quay Quarter Tower is located at 50 Bridge Street Sydney and is owned by investors in the AMP Capital Diversified Property Fund (ADPF) and AMP Capital Wholesale Office Fund (AWOF).

AMP Capital has also welcomed a new investor to Quay Quarter Tower, with Rest committing to acquire a one third interest in the tower upon completion, in a deal valued at around $900 million.

Multiplex has been appointed as the construction partner for the project.  The 200-metre-high, 50 storey tower designed by Danish architects 3XN comprises five shifting glass volumes stacked upon each other punctuated by atrium space, maximising views out to Sydney Harbour and daylight into the office floors.

Quay Quarter Tower forms part of the 11,000 square metre Quay Quarter Sydney precinct, incorporating the Tower, 33 Alfred Street and the Young and Loftus mixed use precinct. At the base of the tower is an urban green space and approximately 5,000 square metres of lifestyle, services, food and dining retail.  Early building work has already commenced, and Quay Quarter Tower is on track to be completed in late 2021.

Construction partner Multiplex is a leading global contractor having delivered over 1,000 projects across its 56 year history, with particular expertise in commercial high-rise developments.

AMP Capital Global Head of Real Estate Carmel Hourigan said [yesterday’s] announcements meant the revitalisation of Sydney’s most renowned precinct was well and truly underway.

Ms Hourigan said: “On behalf of our investors, we couldn’t be more excited to announce the start of construction of Quay Quarter Tower, with the appointment of tier one builder, Multiplex, as our construction partner.

“Circular Quay has been AMP’s home for more than 55 years and our plans for the Quay Quarter precinct ensures the retention of its rich history as a unique gateway to Sydney.

“AMP Capital is very pleased to welcome Rest as a key investor in Quay Quarter Tower, a further endorsement of Quay Quarter as a compelling and unique investment opportunity.”

Dr Brendan Casey, Rest General Manager Investments, said: “We are delighted that our two million members have the rare opportunity to invest in this premium grade development in the heart of Sydney’s CBD.

“The location, quality and scale of the redevelopment have the potential to deliver resilient long-term returns for our members.”

David Ghannoum, Multiplex NSW Regional Managing Director, said: “We are delighted to continue our collaborative relationship with AMP Capital on the construction of Quay Quarter Tower. We’re looking forward to getting construction underway on this exciting project that is set to transform and revitalise the Circular Quay skyline.”

With AMP the anchor tenant in the redeveloped Quay Quarter Tower, AMP Capital is well progressed in discussions with potential major tenants in Quay Quarter Sydney as we look to provide a truly unique platform for these businesses to thrive.

The Quay Quarter Sydney project will realise a once in a generation opportunity to create a globally significant precinct, and a catalyst for the renewal of Circular Quay Sydney.

Earlier this year AMP Capital appointed Richard Crookes Constructions to build the Loftus Lane apartments, which are located on 4,300 square metres of prime real estate within the Quay Quarter precinct at Circular Quay.  With the apartments selling out in record time, construction has already commenced and is on track for completion in 2020.

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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.

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According to AMP Capital Global Head of Real Estate Carmel Hourigan: “These appointments demonstrate the continued momentum behind our business and position the team well to deliver on our strategy.”

Ms Hourigan added: “It is really pleasing to see the calibre of talent that we are attracting to our business. Building on the existing depth of our capability, we are ensuring diversity of thought across the entire real estate experience for the benefit of our diverse client base, our tenant customers and our partners.”

The appointments listed below ensure a strong focus in investment management and driving value for investors:

Head of Retail Management, Shopping Centres, Justine Hughes

Ms Hughes will commence on 14 August. Reporting to Mark Kirkland, Managing Director, Shopping Centres, Ms Hughes will be responsible for property management and operational leasing, along with full end-to-end accountability for all aspects of asset performance, lease administration and tenancy design and delivery.

Ms Hughes joins AMP Capital from Mirvac where as General Manager, Retail she held a broad remit across leasing, operations, marketing, tenancy delivery and lease administration.

Head of Leasing – Office, Hamish Stuart

Mr Stuart joins AMP Capital on 28 August from EG Funds where he was Head of Office Asset Management. He will be responsible for managing major customer relationships and driving the asset management and leasing strategies to meet the needs of each fund across the AMP Capital office portfolio.

Mr Stuart brings with him 16 years” experience in real estate across the full investment life cycle covering all major asset classes throughout Australia, the Middle East, South East Asia and Africa.

Head of Research, Real Estate, Luke Dixon

Mr Dixon joined AMP Capital on 18 July to lead a centralised real estate research capability, including investment strategy and retail research. Reporting to Chief Operating Officer, Real Estate, Louise Mason, Mr Dixon is responsible for driving AMP Capital Real Estate”s thought leadership agenda and providing insights to clients, partners and the market.

Mr Dixon joined AMP Capital from RF Capital where he led the research on its global real estate strategy covering debt, capital, real asset and technology markets.

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Macquarie Centre, North Ryde, Sydney.

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.

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As part of the ATP renewal project, AMP Capital Wholesale Office Fund (AWOF), AMP Capital separate account client Sunsuper as well as Mirvac Property Trust will co-invest one-third interest each to fund the estimated $1 billion development of approximately 93,000 square metres of office net lettable area to be leased to the Commonwealth Bank for a term of 15 years. Mirvac will be the developer of the Commonwealth Bank development at ATP, with development expected to commence in 2016 and the office buildings due for completion in 2019.

AMP Capital Global Head of Property Carmel Hourigan said: “We’re delighted to be involved in this landmark development deal in New South Wales, which has provided an excellent investment opportunity to both our wholesale fund investors and separate account client.

“We are focused on delivering clients unique investment opportunities that fit our disciplined and rigorous investment criteria and in ATP we’ve secured a top grade office asset, which provides a blue-chip tenant with innovative accommodation and improved amenity.

“For AWOF investors, the recent addition of 700 Bourke St Melbourne to the portfolio and the imminent completion of 200 George Street Sydney next year will ensure AWOF continues to perform and grow its contemporary, high quality portfolio of prime office buildings.”

Following the acquisition of ATP, the consortium will revitalise the existing technology precinct through the development of office space over three buildings in addition to 3,000 square metres of amenity, including a gymnasium, retail outlets, two child childcare centres and a multipurpose community space.

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Ms Hourigan will be responsible for delivering the strategy, growth and investment performance of AMP Capital’s $19 billion property investment and management  business and replaces Adam Tindall, who was recently announced as the new  Managing Director of AMP Capital when Stephen Dunne retires in October 2015.

Mr  Adam Tindall said: “I am very pleased Carmel will be joining AMP Capital’s  leadership team and heading our significant property business.

“Carmel  is a property investment professional of the highest calibre and is highly regarded by those in the property and funds management industries. Her extensive experience in both wholesale  managed funds and retail asset management will be invaluable in both driving investment  performance and delivering our $5 billion development pipeline.  I look forward to working with her as we look  to continue to build strong, trusted relationships with clients and grow our  business both domestically and internationally.”

Ms Hourigan has more than 20 years of experience in property and funds  management, having held Managing Director, CEO and CIO positions in both public  and private markets.  She has served in senior positions at Lend Lease, Challenger and Colonial First State. Ms Hourigan joins AMP Capital from The GPT  Group where she most recently held the role of Chief Investment Officer. She is also the Vice  President of The Property Council of Australia.

Ms  Hourigan said: “I am excited to be joining AMP Capital, which has a strong heritage in funds management and providing compelling property investment  opportunities. I was attracted by the  strength of the people, platforms and assets and look forward to building upon  the underlying quality of the property business and taking it to the next  level.”

Ms  Hourigan will take over as Global Head of Property in early November 2015.

– See more at: http://media.amp.com.au/phoenix.zhtml?c=219073&p=irol-newsArticle&ID=2085736#sthash.Q7rVahzE.dpuf

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