Australian investment management firm AMP Capital has agreed to buy acquire a 24.9% stake in Los Angeles-based real estate investment manager PCCP.
PCCP offers commercial real estate debt and equity capital for middle-market real estate investments throughout the US. Its investment products include real estate equity and debt closed-ended fund and separately managed accounts.
PCCP serves major US public pension plans, commercial banks and insurance companies as well as international investors.
Under the terms of the deal, AMP Capital will team up 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.
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.”