Investors in $5.3 billion AMP Capital Wholesale Office Fund vote to transfer managers to Mirvac

Mirvac’s tenure win will accelerate the company’s efforts to grow its third-party funds under management, taking its total by more than 75% to A$18.1 billion, according to its Australian Stock Exchange filing.

AMP Ltd., in a separate filing to the stock exchange, said the loss of its investment mandate for the fund would not derail the planned sale of AMP Capital’s infrastructure and real estate investment businesses to Dexus Funds Management.

However, the maximum earn-out payable to AMP on the sale of these domestic property and infrastructure assets, housed in a new corporate vehicle called Collimate Capital, has fallen to A$75 million from the potential A$300 million Australian dollars announced in April. This potential earn-out was calculated before the loss of a AUD 3 billion mandate and now the impending loss of the wholesale office fund of AUD 7.7 billion has been taken into account.

With these combined reductions of A$10.7 billion, Collimate Capital’s assets will fall to A$20.2 billion, with A$10.5 billion in real estate assets and A$9.7 billion in business assets. infrastructure, confirmed a spokesperson for the AMP.

Mirvac, in its ASX announcement, said it has assets under management of over A$25 billion, along with “a $12.9 billion commercial and mixed-use development pipeline and a $16 billion residential development pipeline.” billions of dollars”.

Jose C. Birney