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AIMS Financial Service to buy out partner managing AA Reit

AIMS Financial Service Group - a Sydney-based fund manager - plans to buy out its partner that owns the other half of the management entities of AIMS AMP Capital Industrial Reit (AA Reit). No acquisition amount was disclosed.

The partner, AMP Capital, currently owns 50 per cent of interest in the management entities of AA Reit and a 10.26 per cent stake in the units in AA Reit.

The announcement followed a review by AMP Capital made public in March of its related stake in AA Reit. The transaction will take AIMS Financial Group’s unit holding in AA Reit to 17.88 per cent.

AIMS Financial Group has businesses in Australia, China, Hong Kong and Singapore, and is engaged in mortgage lending, investment banking, funds management, property investment, private equity, and venture capital, among others.

The sale is expected to close in December.

Units of AA Reit closed on Wednesday at S$1.30, down one Singapore cent. 

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