Macquarie Centre, NSW

AMP Capital has announced new partners in the AMP Capital Retail Trust (ACRT). UniSuper, one of Australia’s leading superannuation funds and Cbus Property, one of Australia’s leading property investors and developers, have taken the majority ownership of Pacific Fair in Queensland, which was recently recognised as the Queensland Retail Property of the Year^[1], and 50 per cent ownership of Macquarie Centre in New South Wales.

The $2.2 billion investment reflects the new partners’ positive outlook and momentum in the retail sector, and in particular, the quality of ACRT’s underlying assets, with both shopping centres successfully managed and developed by AMP Capital for more than 30 years. AMP Capital are invested alongside the new unitholders to ensure management alignment.

AMP Capital’s Head of Real Estate, Kylie O’Connor, said: “We are delighted to be working with UniSuper and Cbus Property as manager of these incredible assets. Since 2012, AMP Capital has overseen the redevelopment of the assets on behalf of investors to enhance the retail offering and trade area dominance of Pacific Fair and Macquarie Centre.

“As we move closer to operating under the demerged Private Markets business, we look forward to working with our partners to unlock future opportunities at each asset, both of which are in prime locations within exceptional trade areas. This includes further strengthening performance with innovative retail solutions and capitalising on their mixed-use potential, including Macquarie Centre’s mixed-use DA.

“This deal demonstrates the returning confidence investors have in the retail sector, particularly for high-quality, well-managed assets, and the support for our highly regarded and talented management platform,” Ms O’Connor said.

UniSuper’s Head of Property and Infrastructure, Kent Robbins, said: “UniSuper is pleased to announce its latest investment into quality retail assets. We anticipate an increase in returns from certain shopping centres as retailers seek exposure to dominant shopping centres, such as Macquarie Centre and Pacific Fair, to leverage their omni-channel retail plans.

“We look forward to our partnership with Cbus Property and AMP Capital to maximise the potential of the assets, including the mixed-use development opportunities for both centres, to deliver greater retirement outcomes for our members,” Mr Robbins said.

Cbus Property’s Chief Executive Officer, Adrian Pozzo, said: “We are excited to partner with UniSuper and AMP Capital on these premium flagship retail assets located in prime locations, with potential for future growth opportunities in both centres.

“This blue-chip retail portfolio complements Cbus Property’s existing premium commercial office portfolio, which was recently awarded Australia’s highest NABERS Energy rating in the NABERS Sustainable Portfolios Index for the second year in a row,” Mr Pozzo said.

ACRT was established in 2012 with foundation investors Canada Pension Plan Investment Board (CPPIB), Harina Company Limited, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) and AMP Life Limited (AMP Life^[2]). In 2016, AMP Life’s interest was transferred into the AMP Life Property Fund (ALPF) managed by AMP Capital.

It marks the largest retail transaction in Australian history, as well as one of the largest global retail transactions since 2018. The deal was facilitated by the AMP Capital Real Estate team in conjunction with the vendors’ advisers Colliers’ Head of Retail Investment Services, Lachlan MacGillivray, as well as Morgan Stanley’s Chairman of Investment Banking, Australia, Tim Church and Head of Real Estate, Australia, Craig Smith.

———

[1] 2021 Property Council of Australia Awards
[2] AMP Life is now part of the Resolution Life Group
[3] Source: ANREV/INREV/NCREIF Fund Manager Survey 2021
[4] As at 30 June 2021. This includes AMP Capital’s 24.9 per cent share of PCCP’s NAV, equivalent to A$1.8b

The post AMP Capital welcomes Cbus Property and UniSuper as new partners in the AMP Capital Retail Trust – Australia’s largest retail transaction appeared first on AdviserVoice.

Robert Hattersley

AMP Capital has announced the appointment of Robert Hattersley in the newly created role of Chief Investment Officer for its leading Real Estate division.

Mr Hattersley has more than 30 years’ experience in the property sector and joins AMP Capital from global property company Lendlease, where he was most recently the Group Chief Investment Officer. Prior to that he held senior roles with Mirvac.

In this new role, Mr Hattersley will be responsible for raising capital for AMP Capital Real Estate’s existing funds and mandates and working closely with the origination team to raise capital for new products, a key priority for the future demerged Private Markets business.

Kylie O’Connor, AMP Capital’s Head of Real Estate said: “I am thrilled to have Rob join our real estate team. His track-record of raising third-party capital, coupled with the respect he has from both local and global investors makes him a welcome addition to our strong team.

“Rob will help ensure AMP Capital continues to be positioned as a leading fund manager in the market by identifying and developing assets that will deliver superior returns for our investment partners,” Ms O’Connor said.

Mr Hattersley is highly regarded across the real estate industry. As Group Chief Investment Officer with Lendlease, he was responsible for all third-party capital relationships comprising over $36 billion in assets under management. He was also responsible for sourcing equity partners and managing client relationships for Lendlease’s $113 billion development pipeline.

He was the Director of the Lendlease Real Estate Investment Trustee board for 17 years and is a member of the Executive Board of the Asian Association for Investors in Non-Listed Real Estate Vehicles (ANREV).

Mr Hattersley will join early next year and will report to Kylie O’Connor.

The post Robert Hattersley joins AMP Capital as Chief Investment Officer Real Estate appeared first on AdviserVoice.

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.

The post Kylie O’Connor to head AMP Capital’s real estate business appeared first on AdviserVoice.

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.

The post AMP Capital expands Real Estate leadership team with key appointments appeared first on AdviserVoice.

Ms O’Connor will be  responsible for delivering the strategy, growth and investment performance of  the A$4.2 billion fund.

Reporting to AMP Capital Head  of Property Funds Management Chris Judd, Ms O’Connor replaces incumbent Fund  Manager Louise Joslin, who is retiring from executive roles.  Ms O’Connor will commence her new role in  mid-2015.

Mr Judd said he was delighted  to welcome such a high-calibre property professional to the AMP Capital  Property business, which is experiencing significant growth and momentum.

“Kylie brings very strong  credentials to the role gained from more than 16 years in the property  industry, with extensive experience spanning a range of real estate investment  management disciplines,”he said.

“Our team’s capability will  be complemented by Kylie’s diverse skillset as we continue to provide investors  with compelling investment opportunities and consistent investment returns over  the long term.

“ADPF has benefited from  strong investor support following the recent oversubscribed capital  raising.  The fund is well positioned to  capitalise on existing development opportunities within the portfolio as well  as strategic acquisitions.”

Ms O’Connor has worked for  Lend Lease for the past 14 years, most recently as Fund Manager for several  funds, and has broad experience across a variety of property fund disciplines.

One of the largest, unlisted  property funds in the country, ADPF has total assets of more than $4.2 billion  and currently comprises investment in 18 high-quality assets across the  Australian office, retail and industrial property sectors.  This includes the newly-developed Macquarie  Centre in Sydney; Pacific Fair on Queensland’s Gold Coast, which is currently  undergoing significant re-development; and potential developments at Garden  City Booragoon in Western Australia and Quay Quarter Sydney.

– See more at: http://media.amp.com.au/phoenix.zhtml?c=219073&p=irol-newsArticle&ID=2032932#sthash.etFq3xFV.dpuf

The post AMP Capital appoints new fund manager for flagship property fund appeared first on AdviserVoice.