AMP Capital Investors extends Asian property reach
AMP Capital Investors has extended its Asian property reach, picking up a significant stake in the property interests of MacarthurCook.
AMP Capital announced today that it had entered into an agreement to acquire 50 per cent of MacarthurCook Industrial Real Estate Investment Trust management and property management companies as well as taking a cornerstone stake of up to 19.2 per cent in the trust itself.
It said the transaction involved AMP Capital Investors acquiring 50 per cent of the Singapore real estate investment trust (REIT) management and property management companies that manage the Singapore Exchange-listed MacarthurCook Industrial REIT from MacarthurCook, which is now a subsidiary of the AIMS Financial Group.
Commenting on the transactions, AMP Capital Investors head of Asian property Simon Vinson said expanding the business in Asia was a key part of the company’s targeted growth strategy.
“This transaction allows us to further our property investment ambitions to build a strong platform in Singapore from which we can continue to develop within the region,” he said.
Recommended for you
Financial services leaders are “all cashed up with nowhere to grow” when it comes to M&A activity, according to Deloitte, with 90 per cent saying they have strong balance sheets ready for an acquisition.
As fund managers are urged to diversify their product ranges, they are finding a faster way to do this is via an acquisition of existing firms but experts say it is not without potential culture clashes.
MUFG Pension and Market Services has expanded its partnership with proxy voting and investor communication platform Proxymity into the Australian market, following success in the UK.
Ninety One has launched a global equities Global Franchise Fund to wholesale investors in Australia and envisages expanding the wholesale range in the future.