David Jones to Enter PF

AMP Capital Investors today announces an agreement has been signed with David Jones, which will see the retailer open two new department stores - at Sydney’s Macquarie Centre and Pacific Fair on the Gold Coast.

 

Pacific Fair, managed by AMP Capital Shopping Centres (AMPCSC), is co-owned by funds managed by AMP Capital Investors and WestART Trust. The Gold Coast City Council approved a Development Application for the centre earlier this year. The redevelopment is expected to cost more than $400 million

 

Pacific Fair is currently 104,000 sqm and has a moving annual turnover of almost $628.3 million (including GST, as at 31 October).

 

Macquarie Centre, also managed by AMP Capital Shopping Centres, is owned by funds managed by AMP Capital Investors and Westfield Trust. AMP Capital Investors currently has a Development Application with Ryde City Council for the redevelopment of Macquarie Centre. The redevelopment is expected to cost more than $300 million.

 

Located in Sydney’s growing Macquarie Park Corridor, the centre services residents in the Ryde area, students based at Macquarie University and business workers in the nearby Macquarie Business Park. Macquarie Centre is currently 96,500 sqm and has a moving annual turnover of $605.4 million (including GST, as at 31 October).

 

AMP Capital Shopping Centres Acting Managing Director Bryan Hynes said: “The addition of David Jones is testament to the quality of each shopping centre.

 

“The addition of David Jones also recognises the changing demographics of north-west Sydney and the Gold Coast which are demanding improved retail and leisure choices. With such unique customer bases at each centre – spanning residents, tourists, students and business workers – we aim to introduce innovative and inspiring retail and leisure choices which have not been seen in either location previously.”