200 George Street.

AMP Capital has announced it has settled on the sale of the AMP Capital Wholesale Office Fund (AWOF)’s 50 per cent interest in Sydney’s landmark 200 George Street building.

Following a competitive sales campaign that attracted strong interest, both domestically and abroad, AWOF’s co-owner, a Mirvac entity, exercised pre-emptive rights to acquire the interest.

The sale price of $578.5 million represented a premium of approximately 12 per cent relative to AWOF’s book value prior to the launch of the sales campaign.

AWOF Fund Manager, Kit Georgeos said the sale of the asset achieved a substantial premium for investors and highlighted the strong demand for premium office assets in gateway locations.

“At a significant premium to book value, the sale of 200 George Street is an excellent result for the Fund and its investors and demonstrates the continued strong appetite for prime CBD office assets.

“This result really highlights the strong capability of the broader real estate team including capital transactions and demonstrates why AWOF continues to lead its peers as Australia’s top unlisted office fund,” she concluded.

The sale of this asset is in-line with the Fund’s strategy and capital management plan.

The AMP Capital Wholesale Office Fund (AWOF) has over $7 billion in core office assets, providing investors with exposure to an office portfolio exclusively located in the markets of Sydney and Melbourne. The fund strategy is focused on owning prime, well-located office assets and leveraging the capability of around 550 real estate specialists to deliver superior investment results. This approach has resulted in AWOF as the top-performing wholesale office fund in Australia, leading its peers over the last one, two and three years.*

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* MSCI/Mercer – Office Index

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Ms Georgeos joins AMP Capital from GPT, where she has been Deputy Fund Manager for the GPT Wholesale Office Fund for the last three and a half years, working with the Fund Manager to maximise investment returns for the fund.  Prior to that, Ms Georgeos spent three years as Head of Product Development (Funds Management), where she was involved in establishing GPT’s funds management strategy and led the launch of the GPT Metro Office fund which listed in October 2014.  Before this, she held the role of Associate Director, Real Estate at Macquarie Bank for eight years, focussed on M&A activity and equity raisings across both the listed and unlisted Real Estate sectors.

AMP Capital Managing Director Office & Logistics Luke Briscoe said that this appointment was made after an extensive internal and external search.

“I am delighted Kit will be joining AMP Capital and heading up one of our flagship real estate funds. With more than 15 years’ experience in real estate funds management, investment banking and capital markets, Kit’s strong commercial experience and knowledge of domestic office markets, along with her deep knowledge of investment management, make her the ideal candidate for this role.

“Kit joins us at an exciting time for the Fund.  AWOF is well positioned, with strong occupancy and 100 per cent weighting to the strongest markets in Australia.  Kit’s focus will be on how to further capitalise on the strong market fundamentals while delivering on the fund’s strategy for our investors and the committed investment pipeline including Quay Quarter, Wynyard and South Eveleigh,” Mr Briscoe said.

Ms Georgeos will report to Mr Briscoe after commencing in late October 2019.

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