Mirvac restarts talks to manage AMP Capital Wholesale Office Fund | News
Mirvac makes a second bid to win management of the AU$7 billion (€4.7 billion) AMP Capital Wholesale Office Fund (AWOF), as AMP negotiates to sell the management rights to the whole of its fund management platform.
Mirvac nearly won the right to manage AWOF last September, but AWOF’s independent advisors decided that AMP Capital should retain those rights.
The re-emergence of Mirvac is expected to complicate negotiations currently underway between AMP Capital (renamed Collimate Capital) and Dexus to acquire the manager’s Australian property asset fund management platform.
A spokesperson for the AWOF administrator confirmed that Mirvac had approached the AWOF administrator with its latest proposal to manage the fund.
“The trustee has asked the independent advisory committee to review the application and make a recommendation on what would be in the best interests of investors,” the spokesperson said.
A super fund investor in AWOF told IPE Real Assets he expected Mirvac to return after news broke that Dexus was trying to buy the entire Australian property and infrastructure fund management platform from AWOF. ‘AMP Capital.
Another source confirmed that Mirvac “has done a lot of work and is very well advanced” with his latest AWOF management proposal.
But it was generally accepted that AWOF investors couldn’t fault Dexus either – that they saw it as a good trader.
“Dexus is managing the assets well and generating returns, but there is no specifics or firm proposition,” the source said, adding, “I can only imagine that Dexus will put something on the table. quite convincing.”
Another investor pointed out that Dexus had competing pools of capital in the office space – an office fund, an office mandate from CPP Investments and capital from other investors. “I don’t think Mirvac has the same level of competition,” the source said.
Mirvac manages a portfolio of office assets on behalf of China Investment Corporation, which it acquired from Investa Property.
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