Thursday 5 April 2018


Rest today announced it has entered into a contract to acquire a one third interest in the iconic AMP Centre tower in the Sydney Central Business District, in a deal valued at around $900 million. The remaining interests are owned by the AMP Capital Wholesale Office Fund and AMP Capital Diversified Property Fund.
 
The 43-level tower at 50 Bridge Street in Sydney’s CBD is being redeveloped into a 50-level premium grade skyscraper to be known as ‘Quay Quarter Tower’. The tower forms part of a redevelopment of two city blocks by AMP Capital that will include a shopping plaza and residential accommodation near Circular Quay.
 
Speaking of the acquisition, Rest General Manager Investments, Dr Brendan Casey said “This gives our almost two million members an interest in what is likely to be one of the best office buildings in Australia following the completion of the redevelopment in late-2021.
 
“Opportunities to invest in premium grade Sydney CBD properties of this scale are rare,” said Dr Casey.
 
“The continuing development of Sydney as a global office market, coupled with the location overlooking Circular Quay and premium grade quality of the office development were all factors in our decision to invest.
 
“Consistent with our ongoing objectives, this high-quality investment is expected to generate strong net returns for our members over the long-term,” he continued.
 
AMP Capital Global Head of Real Estate Carmel Hourigan said: “AMP Capital is very pleased to welcome Rest as a key investor in Quay Quarter Tower, a further endorsement of Quay Quarter as a compelling and unique investment opportunity.

On behalf of our investors, we couldn’t be more excited about the start of construction of Quay Quarter Tower, a key part of the project which will realise a once in a generation opportunity to create a globally significant precinct, and a catalyst for the renewal of Circular Quay Sydney.”
 
As at 31 December 2017, Rest’s property portfolio comprised equity investments of $4.7 billion; representing around 9 per cent of total member assets.
 
Rest’s directly owned office portfolio in Australia currently includes 52 Martin Place in Sydney, 60 Station Street in Parramatta as well as 140 William Street and 717 Bourke Street in Melbourne.
 

                                             -ENDS-


For further information, please contact:
 
Shane Allison
Sefiani Communications

sallison@sefiani.com.au
t: (02) 8920 0700 m: 0420 219 963
 
Pauline Hayes
Corporate Communications Manager
Pauline.Hayes@rest.com.au
t: (02) 9086 6348 m: 0458 815 252


About Rest

Rest is one of Australia’s largest super funds by membership with $50 billion in funds under management as at 31 December 2017 and around 2 million members. Rest was awarded Best Fund Innovation 2017 at the Chant West 2017 Super Funds Awards and also recently won the Rainmaker SelectingSuper Innovation Award 2017 for Millennial Superannuation*.

 
*Ratings or awards are only one factor that you should consider when deciding how to invest your super. For more information about our awards, visit rest.com.au/ourawards  For further information about the methodology used by Chant West, see www.chantwest.com.au
 
This information doesn’t take into account your circumstances. So, before acting on it, you should consider whether it is appropriate for you.  Before making a decision about your super, please read the relevant Product Disclosure Statement (PDS) available at www.rest.com.au or call 1300 300 778.  This information is provided by the issuer, Retail Employees Superannuation Pty Limited, ABN 39 001 987 739 as trustee of REST (Retail Employees Superannuation Trust ABN 62 653 671 394). 


 

This website is provided by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, AFSL 24 0003, trustee of Retail Employees Superannuation Trust ABN 62 653 671 394, of which Rest Super, Rest Corporate, Rest Pension and Acumen are part. It contains general advice that has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant Product Disclosure Statement (PDS), which is available on this website.

Rest Advice is provided by Rest Advisers as authorised representatives of Link Advice Pty Ltd ABN 36 105 811 836 AFSL 258145

Awards and ratings are only one factor to consider when deciding how to invest your super. Further information regarding these awards can be found at Rest.com.au/about-Rest/awards. Past performance is not an indicator of future performance. SuperRatings Pty Limited does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria. For further information about the methodology used by Chant West, see www.chantwest.com.au