AMP Capital is set to invest $750 million in the redevelopment of Perth’s Garden City Shopping Centre in the effort to boost the returns of its property fund.
The redevelopment of Garden City – which is owned by investors in the $4 billion AMP Capital Diversified Property Fund – is said to increase the returns on investments within the fund.
AMP Capital diversified property fund manager, Kylie O’Connor, said the development is an “exciting opportunity” for both customers and investors.
“AMP Capital saw an opportunity to grow and expand the centre... as we aim to provide investors with consistent outperformance on their investment,” she said.
AMP Capital shopping centres managing director Bryan Hynes said: “This redevelopment, along with our plans for Karrinyup Shopping Centre, has been a long-term collaboration between AMP Capital, the state government and local councils.”
“Both redevelopments are major investments representing a significant boost to the economy and show AMP Capital’s commitment to Western Australia.”
The development is expected to increase the size of the Garden City trade area from 480,000 to 555,000 by 2026.
Two department stores, two supermarkets, a casual dining and leisure precinct, and cinema complex will be built if the development is approved.