AMP Capital has reduced its unitholding in the Singapore Exchange-listed AIMS AMP Capital Industrial REIT (AA REIT) to 5.01% and will retain its 50% ownership in the responsible entity.
AMP Capital conducted two off-market transactions by way of institutional placements. The first placement of 22,370,517 units representing a unitholding of 4.99% was sold to an AMP Capital client, which AMP Capital will continue to manage on behalf of the client.
The second placement of 19,277,199 units representing a unitholding of 4.30% was widely distributed to institutional investors in an off-market transaction.
AMP Capital will continue to control 10.10% in AA REIT as a result of its direct stake of 5.01%, the 4.99% AMP Capital manages on behalf of its client and the 0.10% in other investment funds managed by AMP Capital.
“We have witnessed the transformation of AA REIT since 2009 when the AMP Capital seed pool made its initial investment as part of our strategy to create a new investment opportunity. During this time management has successfully built the strength and stability of the REIT nearly doubling its total asset value to $S975 million,” AMP Capital CEO Stephen Dunne said.
“We are very pleased with the performance of our AA REIT units and the consistent returns the AA REIT has delivered to its investors. Our decision to reduce our unitholding is consistent with our strategy to return funds to the seed pool for investment to establish new opportunities for our clients,” he added.
“We have achieved a great deal in the past three years thanks to the ongoing support of AMP Capital and unitholders. We rebuilt the REIT’s capital base, refocused and significantly grew the portfolio, undertook our first major redevelopment at 20 Gul Way, all while maintaining conservative gearing at an average of 30% for 12 consecutive quarters,” AIMS AMP Capital Industrial REIT CEO Nicholas McGrath said.
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