CEFC invests in AMP Capital property fund

Thursday, 09 March, 2017

The Clean Energy Finance Corporation (CEFC) has made a $100 million investment in the AMP Capital Wholesale Office Fund (AWOF). The CEFC’s investment in the $4.7 billion fund will help accelerate the development of world-leading, energy-efficient commercial property portfolios in Australia.

As part the investment, AMP Capital will target a range of energy efficiency commitments across the AWOF portfolio. The centrepiece is the redevelopment of 50 Bridge Street in Sydney, as well as Quay Quarter Tower and the wider Quay Quarter Sydney precinct incorporating the neighbouring Loftus and Young Streets mixed use development. Other landmark properties in AWOF’s portfolio include 200 George Street, Sydney and Melbourne’s Collins Place and 700 Bourke Street.

“We are really pleased to welcome CEFC as an investor in AWOF, which attracted over $700 million in equity investment in 2016,” said AWOF Fund Manager Nick McGrath. “With a portfolio of 12 premium properties, AWOF is well positioned to deliver sustainability outcomes for investors such as CEFC.

“Having achieved the 6 Green Star Performance rating for 700 Bourke Street, AMP Capital is now focusing on achieving Green Star Performance ratings for all other wholly owned assets in 2017.”

Under its investment agreement with the CEFC, AWOF will target cutting emissions from its property portfolio to zero in just 13 years. AWOF will also aim for a portfolio-wide average NABERS Base Building Energy rating of 5 stars by 2020 and 5.5 stars by 2030.

The agreement also includes a range of further initiatives consistent with encouraging lower emissions and greater energy efficiency. These include greater knowledge sharing by AWOF across the property sector, wider access to property energy consumption data, publication of practical information on the implementation of science-based targets and sharing of information on regulatory and planning barriers to energy efficiency.

“With this investment, the CEFC is pleased to support AMP Capital in its objective to deliver net zero emissions across the commercial property portfolio,” said CEFC Investment Funds lead Rory Lonergan. “This really sets a new benchmark for the commercial property sector in Australia.

“The positive impacts of this investment and AMP Capital’s commitments will spread well beyond the AWOF portfolio, providing a clean energy model for other major property developments.”

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