AMP Capital Investors has become a partner of the Sydney-based AIMS Financial Group in Singapore by taking a strategic stake in a listed trust and its management company.
AMP Capital will acquire a 50% in the management company of the MacarthurCook Industrial REIT (MI-REIT) and a 19.2% stake in the trust itself.
Under the deal, AMP would inject four buildings worth about $S70m into the trust, the smallest of the listed industrial trusts in Singapore and which owned assets, valued at $S4940m (A$389m).
The Singapore trust did a $S62m placement yesterday to pay down its debt. AMP Capital underwrote $S22m of the placement and would also participate in a planned 2-for-1 rights issue to raise a further $S155.1m.