This article is from the Australian Property Journal archive
AMP Capital Investors has paid $78 million for the Ocean Keys Shopping Centre in Western Australia for its AMP Shopping Centre Fund.
The property was acquired from Coles Myer Ltd and is the first asset based in Western Australia to be included in the AMP Shopping Centre Fund.
Ocean Keys Shopping Centre is a sub-regional shopping centre located 40 kilometres north of Perth. The centre has a gross lettable area of 21,000 sqm. The centre is anchored by a 6,000 sqm Kmart, 4,000 sqm Coles, 3,150 sqm Woolworths and 70 specialty stores.
Ocean Keys Shopping Centre also plans to open an additional Kmart Auto and Coles Express in the near future.
AMP Shopping Centre’s fund manager Conrad Sinclair said the asset is located in a high population growth region.
“The Ocean Keys Shopping Centre is a quality asset with significant potential to improve the total return of the property.
“This purchase further diversifies the fund’s exposure to established, strong performing retail assets,” he added.
The AMP Shopping Centre Fund has $1.4 billion in assets under management and comprises seven properties including a 25% share of one of Australia’s largest shopping centres, Warringah Mall.
“The fund has delivered a 22% return to June 2006 for our clients, which is a result well above our benchmarks. We expect the acquisition of Ocean Keys Shopping Centre will further contribute to this track record of outperformance,” Sinclair said.
AMP Capital Shopping Centres asset or property manages a total of 39 shopping centres worth around $7 billion.
By Kathryn O’Meara
