REST takes $900M stake in Quay Quarter

AMP Capital has announced the landmark Quay Quarter Tower in Circular Quay, Sydney has begun construction, with REST (the Retail Employees Superannuation Trust) acquiring a one third interest for $900M. The $2.7B project will include co-investments from the AMP Capital Diversified Property Fund and the AMP Capital Wholesale Office Fund and is due for completion in late 2021. The Quay Quarter Tower will be 200 metres, with 97,000 sqm of rental space in total, with AMP itself taking up anchor tenancy of 36,500 sqm in the building.

The RBA has held the cash rate at 1.50% as its April 2018 meeting. The cash has been at the 1.50% level since August 2016.

Asia Pacific Data Centre Group (ASX: AJD) fell 8.9% during the week on news that its sole tenant NEXTDC (ASX: NXT) had rejected an offer to purchase the portfolio for $265M. NXT had previously rejected offers at $280M and $300M and the price fall in AJD reflects ongoing uncertainty of ownership in AJD with 360 Capital Group (ASX: TGP) owning 67.3% of AJD, and NXT owning 29.2%.