Australian wealth manager AMP has bought a 50 per cent stake in Singapore-based real estate trust MacarthurCook Industrial REIT's management business for S$54.1 million ($38.8 million).

The move came with a separate purchase of a 19.2 per cent interest in MacarthurCook's main trust unit. The buy will be financed via the sale of four AMP industrial assets in Singapore into the trust, AMP said in a statement.

"This transaction allows us to further our property investment ambitions and build a strong platform in Singapore from which we can continue to develop within the region," said Simon Vinson, the head of Asian property for AMP Capital Investors.

The Singapore Exchange has already, in principle, given its go ahead to the deal, which has yet to receive regulatory and unit holder approvals.