POWERED BY MOMENTUM MEDIA
UniSuper-AMP Capital partnership to deliver $1b in retail development
AMP Capital has confirmed it will deliver close to $1 billion for retail development on behalf of UniSuper, with a successful completion of the $142 million Marrickville Metro along with Perth’s Karrinyup Shopping Centre which will open in July.
These developments, according to AMP Capital, confirmed its commitment to retail, a sector considered by many as one of the hardest-hit by pandemic and still challenging, but also the sector which demonstrated the important role retail centres played in the local communities, the firm said.
“While 2020 was extremely challenging, we continue to have conviction in the sector, and are applying a fresh approach built on our tried and tested retail principles for these two developments – something we’ve done successfully many times regardless of
market conditions over the last 50 plus years,” AMP Capital’s head of real estate, Kylie O’Connor, said.
The Marrickville Metro project also represented a substantial milestone in UniSuper’s long-term strategic investment and UniSuper committed further capital investment for a refurbishment and improvements in the existing centre.
UniSuper’s head of property and infrastructure Kent Robbins said: “We are delighted with the result and congratulate the entire AMP Capital development team and their design and construction partners for delivering a destination that locals can be proud of, particularly amidst such a difficult environment for everyone”.
The development repurposed an underutilised industrial warehouse located across the road from the existing centre, maintaining much of the existing warehouse façade, with the site now hosting more than 40 new retailers including Coles, as well as a fresh food precinct and indoor and al fresco dining options.
Recommended for you
Investors have slashed their US equity allocations to the lowest level on record, according to new data from Bank of America.
The message from experts in international trade and economists is that the Australian government should refrain from retaliating with reciprocal tariffs.
The market correction forecast by AMP’s chief economist is in full swing, with three weeks of turbulence culminating in significant losses on Tuesday.
Following a strong risk appetite in January, institutional investors have pulled back in February, with risk-seeking activity dropping to zero amid a decline in equity allocations.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
