Investors in AMP Capital Wholesale Office Fund Call for Change in Trustee | News

Unitholders of AMP Capital Wholesale Office Fund (AWOF), including some of Australia’s largest pension funds, have called for a meeting to vote on a change in the fund’s trustee.

Investors are looking to decide whether Dexus – which bought the national real-asset platform from AMP Capital – or another fund manager, Mirvac, should manage the 7 billion Australian dollars (4.7 billion euros) fund. ).

AMP said it received a letter from “certain AWOF unitholders” asking for the opportunity to vote on their pick.

As it stepped up its bid to remove the office fund from Dexus, Mirvac told the market on Friday that unitholders had requested a vote to replace the trust’s management.

AMP Capital’s wholesale investors include NSW government investment agency, TCorp, Telstra Super enterprise fund, UniSuper industry fund and Victoria utility super fund.

Mirvac and GPT Group were the last two shortlisted bidders last year when the fund’s board decided to accept a recommendation from an independent committee formed to assess the merits of a number of competing proposals to manage the office fund.

At the time, the board had decided to retain AMP Capital as manager.

Under the management of AMP Capital (now Collimate Capital), AWOF has outperformed the MSCI index over three years, with a total return of 9.5% per year.

The Collimate Capital transaction with Dexus is expected to close in the second half of this year.

To read the latest edition of the latest IPE Real Assets magazine, click here.

Jose C. Birney