The minority investment in PCCP, which provides commercial real estate debt and equity capital for US real estate investments with products such as debt closed-ended funds and SMAs, will further AMP’s international growth, according to a statement.
PCCP’s client base includes “major US public pension plans, commercial banks and insurance companies as well as leading international investors”, the statement said.
Commenting on the acquisition, AMP Capital chief executive 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.”
He said that there was a “strong opportunity” to match PCCP’s experience in the American market with the reach of AMP Capital’s network, particularly regarding Asia.
“There will be further opportunities to build on our partnership through our client relationships in other geographies and our complementary capabilities,” Mr Tindall said.
AMP Capital’s global head of real estate Carmel Hourigan also added that the US represented the world’s “largest and deepest real estate market” and was “the most compelling opportunity” for AMP Capital to develop its global real estate platform.
"PCCP is a strong strategic and cultural fit with AMP Capital and we look forward to a successful partnership," Ms Hourigan said.