Australian wealth manager AMP has finalised the purchase of 16.11 per cent stake in Singapore real estate investment trust MI REIT.

The deal, which is under a joint venture with AIMS Financial Group, had a S$47 million ($33.8 million) price tag and was paid through placements and rights issues. AMP said in a statement that the JV will be renamed as AIMS AMP Capital Industrial REIT following the completion of the transaction.

The company has been actively involved in REIT acquisitions over the past months. In November last year, the wealth manager bought a 50 per cent stake in the Singapore-based REIT, MacarthurCook Industrial REIT for $38.8 million.

"The combination of both partners' complementary track property fund and asset management capabilities, the improved portfolio diversification through AIMS AMP Capital Industrial's REIT's acquisition of additional assets and the recent recapitalisation will competitively position it for growth and deliver value and consistent return for unitholders," said Andrew Bird, director and chief investment officer for AMP Capital Investors.

AMP is thought to be well-placed to fund and support a massive Asian expansion strategy, what with an improved liquidity profile, capital structure, and strong investor backing. As of September 2009, it had A$96.9 billion in funds under management.