AMP Capital snaps up $250m of industrial assets
AMP Capital's diversified property fund (ADPF) has purchased $250 million of Sydney's industrial assets, saying that the industrial property market will continue to strengthen.
The fund manager purchased six Sydney based warehouse/logistics assets, located in a mix of areas with future urbanisation potential.
The assets were close to existing and proposed infrastructure, and in land constrained markets, which would benefit from future rental and capital growth.
ADPF fund manager, Kylie O'Connor, said: "Our research shows that the Sydney industrial market will continue to perform due to the strengthening state economy".
"Both the market and assets [were] poised to benefit from the significant ongoing infrastructure investment," O'Connor said.
She said she was happy that they purchased the industrial portfolio off-market and on such attractive terms for their investors.
"Over the next five years, the fund remains focused on executing upon its strategy to become the pre-eminent wholesale diversified fund in the Australian market. This portfolio will enhance our ability to continue to provide attractive long-term risk adjusted returns to investors," O'Connor said.
Recommended for you
AUSIEX has announced it will acquire FIIG, a specialist fixed income provider with $4.5 billion in funds under advice.
Platinum Asset Management has announced it is in discussions with a global alternatives fund manager regarding a possible merger to create an $18 billion firm.
JP Morgan Asset Management has appointed an ETF specialist from Vanguard as it seeks to expand its ETF range.
The alternative asset manager has expanded its Singapore office with a head of Asian distribution, representing a “critical step” for the Asian business, where it is seeking to launch new offerings.
