AMP Capital has today announced it has entered into an agreement to purchase a minority stake in US-based real estate investment manager PCCP.
PCCP, headquartered in Los Angeles, provides commercial real estate debt and equity capital for middlemarket real estate investments throughout the US. PCCP’s investment products include real estate equity and debt closed-ended funds and separately-managed accounts. PCCP’s top-tier US client base includes major US public pension plans, commercial banks and insurance companies as well as leading international investors.
The investment enables AMP Capital to partner with PCCP, matching AMP Capital’s extensive global distribution network and partnerships with PCCP’s investment capabilities particularly US real estate debt and equity.
The minority investment, which is commercial in confidence, will be earnings accretive to AMP Capital immediately.
AMP Capital CEO Adam Tindall said: “The investment in PCCP is in line with our strategy to leverage the strengths of our real assets capabilities in international markets. Our real estate equity business is well established in Australia and New Zealand, and this investment will diversify our business by both geography and capability especially through PCCP’s real estate debt expertise.
“We see a strong opportunity to match PCCP’s US real estate expertise with the global reach of our distribution network particularly in Asia. There will be further opportunities to build on our partnership through our client relationships in other geographies and our complementary capabilities.”
AMP Capital Global Head of Real Estate Carmel Hourigan added: “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.”
While every care has been taken in the preparation of this article, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) and AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) (AMP Capital) makes no representations or warranties as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This article has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this article, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This article is solely for the use of the party to whom it is provided and must not be provided to any other person or entity without the express written consent of AMP Capital.
This article is not intended for distribution or use in any jurisdiction where it would be contrary to applicable laws, regulations or directives and does not constitute a recommendation, offer, solicitation or invitation to invest.