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AMP unit to acquire minority stake in US real estate investment manager

AMP Capital Investors Ltd., a unit of Australian financial services company AMP Ltd., agreed to purchase a minority stake in U.S-based real estate investment manager PCCP LLC for an undisclosed sum.

The acquisition will be earnings accretive to AMP Capital immediately, according to a Dec. 18 release.

The move will allow the Australian company to partner with PCCP, which offers commercial real estate debt and equity capital for middle-market real estate investments throughout the U.S.

The investment is in line with the company's strategy to leverage the strengths of its real assets capabilities in international markets, AMP Capital CEO Adam Tindall said.

A spokeswoman for AMP Capital Investors said the company is set to acquire a 24.9% stake in PCCP but declined to give further financial details of the deal, Pensions and Investments said in a same-day report.