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AMP Capital achieves $200 million capital raising
A new European pension fund mandate has bumped AMP Capital's capital raising for its flagship AMP Capital Shopping Centre Fund to $200 million.
The remaining capital came from new and existing Australian institutional investors, AMP Capital stated.
AMP Capital shopping centre fund manager Conrad Sinclair said he was pleased with the level of interest and speed of investment after commencing the capital raising project in November 2012.
Investors can participate in the growth of leading shopping centres with opportunities for development, according to Sinclair.
The $200 million in new equity will assist in funding the $390 million redevelopment of Macquarie Centre in North Ryde, NSW - which it announced last October - expanding the centre to 135,000 square metres of gross leasable area with more than 375 retailers.
Following the redevelopment, the centre will be the second largest shopping centre in Sydney and one of the top 10 centres in Australia, AMP Capital said.
A portion will also assist funding Ocean Keys in Perth which has commenced development in excess of $100 million with the aim of being completed in the last quarter of 2014, the same time as Macquarie Centre.
The Shopping Centre Fund has $2.3 billion under management and is exposed to 11 assets in five geographical locations across Australia and New Zealand.
"Despite softer retail conditions, investors have recognised the very high quality of the portfolio and ability to add further value over the long term as well as AMP Capital's ability to deliver these outcomes," he said.
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