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.*
* MSCI/Mercer – Office Index
About AMP Capital
AMP Capital is one of the largest and most experienced direct real estate fund managers in the Asia Pacific, with more than $23.7 billion in funds under management as at 30 June 2021. AMP Capital offers institutional and private investors access to real estate equity and debt opportunities globally through a range of wholesale funds and separately managed solutions.