AMP Capital re-enters US property market
AMP Capital's Global Direct Property Fund has extended its US property portfolio for the first time since before the Global Financial Crisis.
The company announced this week it had purchased a core office building in Boston, Massachusetts for US$17.6 million.
It said the transaction had followed on from the acquisition of a Paris office property during 2011 and is the fund's first US acquisition since the Global Financial Crisis.
AMP Capital said the property, Two Liberty Square, was a historic B Grade office building in Boston's financial district.
Commenting on the acquisition, AMP Capital fund manager Tim Fallet said the property provided exposure to what had traditionally been a tightly-held investment market.
AMP Capital's Global Direct Property Fund is intended to provide Australian superannuation funds with access to core and core-plus direct property investment opportunities in large, liquid and transparent offshore markets.
The fund invests in a strategic mix of international direct property assets across all the property sectors.
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