AMP Capital will acquire a 24.9% stake in PCCP

AMP Capital will acquire a 24.9% stake in PCCP, a Los Angeles-based real estate investment manager, a spokeswoman for the Sydney-based money manager confirmed Monday.

The spokeswoman declined to provide financial details of the deal.

In an AMP new release, Adam Tindall, the company's CEO, said the move will allow AMP to diversify its Australia and New Zealand-focused real estate equity business “by both geography and capability,” citing PCCP's real estate debt expertise.

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