AIMS eyeing landmark deal
12.02.2010
Ben Wilmot
AIMS Financial Group is in talks to acquire an office tower in Sydney's central business district from Investa Property Group and one of its managed funds for about $190 millionThe acquisitive group is believed to be keen to pickup 320 Pitt Street as its first major play on behalf of US property funds manager REIT Management & Research LLC (RMR).AIMS is advising the US firm, which is planning to build a property portfolio of up to $US 1 billion in Australia.The privately held group, whose United States-Iisted CommonWealth REIT recently took the small MacarthurCook Industrial Property Fund private, wants to build up its holdings over the next year.It is working with George Wang's AIMS, which managed the small MacarthurCook fund, on buying office and industrial properties across Australia.Boston-based RMR was set up in 1986 to manage publicly owned real estate investments and has lifted its assets under management to more than $US17 billion and may eventually float a trust in Australia.The deal on the Sydney tower is likely to show a yield of about 7.75 per cent, market sources said.It comes as Abacus Property Group continues due diligence to acquire two adjoining Martin Place properties being sold by wealthy publican Cyril Maloney for about $155 million. The sales are likely to demonstrate the growing confidence in Sydney's office investment market for prime towers.
Investa's 320 Pitt Street, Sydney property is tipped to be AIMS's next big acquisition. Photo: Roa HOMER 
AIMS eyeing landmark deal
