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AMP Capital acquires fourth property for Sunsuper
AMP Capital Investors has expanded its direct property portfolio mandate with Sunsuper by acquiring a Sydney office property on their behalf for $100 million.
AMP Capital Investors’ Property Portfolio Services has a mandate with Sunsuper to manage a diversified, direct property portfolio, and the latest purchase took a number of properties in the portfolio to four.
Portfolio manager at AMP Capital Investors, Damian Fitzpatrick said the purchase represented a suitable fit for Sunsuper’s requirements in terms of projected total returns.
“We see increasing demand for quality office space in Sydney, and 35 Clarence Street is opportunistically positioned to capture ongoing tenant demand, with a number of leases due to expire over the next few years,” said Fitzpatrick.
“In recent months there has been a significant improvement in property market sentiment with market values bottoming out but supply has been limited,” he added.
According to the latest Property Council of Australia Office Market Report, tenant demand for office space in the Sydney CBD recorded its strongest growth in the past three years.
AUTHOR
Mike Taylor
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