18/07/2022 - 16:47

Mirvac to manage AMP’s real estate assets

18/07/2022 - 16:47

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Investors have voted for Mirvac to manage AMP Capital’s $7.7 billion office fund, increasing the property giant’s third-party funds under management by 76 per cent to $18.1 billion.

Mirvac to manage AMP’s real estate assets
AMP chief executive Alexis George.

National real estate giant Mirvac will manage AMP Capital’s $7.7 billion office fund, after investors rejected a plan to shift management of the fund to Dexus.

Mirvac says the move will increase its third-party funds under management by 76 per cent to $18.1 billion.

Dexus announced in April its intentions to buy AMP’s property portfolio Collimate Capital, in a deal valued at least $250 million.

The fund manger announced today AMP Capital Wholesale Office Fund’s unitholders had voted in favour of changing the trustee of the fund.

As a result of the fund exiting the Collimate platform, the earn out component of the Collimate deal is expected to decrease to a maximum of $75 million.

Mirvac chief executive and managing director Susan Lloyd-Hurwitz said the addition of the $7.7 billion fund accelerated Mirvac’s long-stated strategy to grow its third-party funds under management.

“We are pleased to offer AWOF unitholders reduced fees, a standalone trustee with a majority independent board and access to Mirvac’s market-leading, integrated asset creation and curation capabilities including out $9.2 billion office and mixed use development pipeline,” she said.

“Today’s vote by AWOF unitholders demonstrates their faith in Mirvac as a stable platform with a clear focus on governance and a long track record of delivering unitholder value.” 

AMP Capital said the decision to change manager and trustee did not affect the completion of the sale of its real estate and domestic infrastructure equity business to Dexus, which was currently anticipated for the end of September.

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