M and A
AMP Completes Singapore REIT Acquisition

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.