This article is from the Australian Property Journal archive
THE AMP Capital Shopping Centre Fund has launched its inaugural Medium Term Note issue into the Australian market.
The issue, secured against a pool of property assets of ASCF, will consist of $A200 million of Medium-Term Notes with a maturity of approximately five years.
ASCF assets include two of Australia’s top 10 shopping centres, Southland in Melbourne and Warringah Mall in Sydney.
AMP Capital Investors fund manager Conrad Sinclair said the issue will replace the five year bank debt facility successfully secured in November 2008, as part of the $A700 million refinancing of the Commercial Mortgage Backed Security issue through a syndicated bank facility.
“The transaction has been well supported by the market reflecting the fund’s high quality, low-risk properties and its quality tenants. The Note issue is a key part of our capital management strategy, and will result in significant cost savings for investors, provide further funding tenure and diversify the Fund’s sources of capital.
“With a strategic overweight holding of 85% to regional shopping centres, the property asset class that has historically provided investors with the best risk-adjusted returns in Australia, the fund is well positioned. In addition, the development potential of eight of the fund’s 11 assets provides an opportunity to enhance investor returns and add value to the Fund’s assets,” Sinclair continued.
Australian Property Journal
