AMP Capital will acquire a 24.9% stake in PCCP, a Los Angeles-based real estate investment manager, a spokeswoman for the Sydney-based money manager confirmed Monday.
The spokeswoman declined to provide financial details of the deal.
In an AMP new release, Adam Tindall, the company's CEO, said the move will allow AMP to diversify its Australia and New Zealand-focused real estate equity business “by both geography and capability,” citing PCCP's real estate debt expertise.
The spokeswoman, in a telephone interview, said both firms should find opportunities to offer the other's capabilities to its client base, while exploring other ways to work together.
Carmel Hourigan, AMP's global head of real estate, said in the release that the tie-up with PCCP will provide AMP with a “compelling opportunity … to fast track the development of a global real estate platform.”
PCCP was managing $6.8 billion in its commercial real estate debt and equity capital strategies as of Sept. 30, according to the release. AMP had about $137 billion in assets under management as of June 30.