Multiplex seeks $170m to buy Amex in Sydney

Multiplex's construction arm may be saddled with the weight of troubles at its Wembley construction site in the UK, but its fund management arm is not pausing for breath - lodging a prospectus for a $170 million fund raising for its new fund to buy the American Express site in Sydney.

The money is being raised by Multiplex Capital for the Multiplex Acumen Prime Property Fund, a new unit trust established by the property and contsruction giant to invest in primae capital city office space.

Multiplex owns the site and plans to be the developer of the Amex building.

Multiplex has also sold into the $640 million fund interests in three other key properties - the $256.2 million Ernst & Young Centre in Sydney, the $130 million Southern Cross Tower in Melbourne and the $67 million Defence Plaza in Melbourne.

In the prospectus Multiplex Capital managing director Ian O'Toole said the fund also plans to buy a $63 million diversified portfolio of securities in other listed property trusts.