AMP Cap, Cbus and Galileo join forces
Friday, 9 October 2009 9:15am
AMP Capital Investors, Cbus Property and Galileo Group have joined forces in a residential property deal believed to have secured one of the largest funding from banks this year.
The property, The Residence Hyde Park, is located on College Street in Sydney.
Adrian Pozzo, chief executive at Cbus Property, said the apartment complex complements the recent part acquisition of another property in Bligh Street, Sydney.
Cbus Property is responsible for the performance and management of all Cbus direct property investments, which is worth more than $1.5 billion.
Dale Phillips, head of opportunity funds at AMP Capital Investors, said, to the best of their knowledge, the project finance package is one of the largest facilities provided this year for a residential property.
He said the apartment complex has received good support from the market. "We are well advanced on the sale of apartments," said Phillips.
AMP Capital Investors is invested through its Select Property Portfolio No.3. The size of the deal is not disclosed.
Fellow investor, Galileo Group is a real estate funds management group that manages assets on behalf of local and international investors.
Company release
This story was found at: http://www.financialstandard.com.au/news/view/26998
Printed: Wednesday, 8 September 2010 6:47am