AMP Capital has appointed Rebecca Smith as head of real estate debt, Australia, in a new role to establish its real estate debt capability in the region, the company announced on March 28. Smith will commence in early April, reporting to global head of real estate Carmel Hourigan, and will also join AMP Capital’s Real Estate Leadership team.
“AMP Capital continues to focus on delivering outstanding investment experiences for our clients. In Real Estate, we are committed to supporting our clients with a broader range of investment opportunities beyond our core offer,” Hourigan said.
“Building on AMP Capital’s established infrastructure debt capability and our acquisition into US real estate equity and debt manager PCCP in late 2017, we continue to explore domestic real estate debt opportunities for our clients.
“I’m delighted to announce the appointment of Rebecca Smith, who has extensive global investment experience across debt and equity. Rebecca brings a diverse range of skills and experience to our team, and her ability to structure and execute investment strategies, coupled with experience in debt and special situations means she is well placed to establish our real estate debt capability in Australia,” Hourigan concluded.
Smith joins AMP Capital from Australia’s sovereign wealth fund, Future Fund, where she held the role of director of property. Smith’s previous roles with Future Fund, PAG, NM Rothschild & Sons, Allco Finance Group and CBRE (where she started her career in valuations) have seen her work in markets across the US, Europe and Australia.
The commercial real estate debt market in Australia has grown substantially in the past five years to over US$300 billion, with traditional major bank lenders forecast to see their market share decline over the next decade. It’s also becoming more favourable with investors as a relatively safe means of exposure to real estate, particularly with its focus on income in a low-interest rate environment.