AMP Capital buys minority stake in US manager
AMP Capital is purchasing a minority stake in US-based real estate investment manager, PCCP.
Under the terms of a deal, AMP Capital would partner with PCCP which would match its global distribution network and partnerships with PCCP’s investment capabilities, particularly across US real estate debt and equity segment.
Also, the deal meant that the earnings would be accretive to AMP Capital immediately, the firm said.
Los Angeles-headquartered PCCP provides commercial real estate debt and equity capital for middle-market real estate investments throughout the US, with investment products including real estate equity and debt closed-ended fund and separately managed accounts.
PCCP’s US client base included major public pension plans, commercial banks and insurance companies as well as leading international investors.
AMP Capital’s global head of real estate, Carmel Hourigan said: “The US is the world’s largest and deepest real estate market and presents the most compelling opportunity for AMP Capital to fast track the development of a global real estate platform.
“PCCP is a strong strategic and cultural fit with AMP Capital and we look forward to a successful partnership.”
AMP Capital manages two funds in the property sectors, AMP Capital Property Securities and AMP Flex Lifetime Investments S2 Resolution Capital Core Plus Property Securities, which have been awarded a three Crown rating by Money Management’s new quantitative Crown Ratings.
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