This article is from the Australian Property Journal archive
ANNOUNCING $252 million full-year loss, investment manager AMP has confirmed there are interested parties looking at its asset management arm AMP Capital, which has been rebadged as Collimate Capital.
Collimate Capital is set to spun off onto the ASX in the second half of this year.
“As a demerged entity, Collimate Capital will provide a greater level of independence, stability and accountability to further enable the delivery of superior results for all of our investors and act on growth opportunities to raise equity and deploy new capital,” AMP Capital CEO Shawn Johnson said.
AMP Capital has been attempting to repair its real estate division after investors in the $5 billion AMP Capital Diversified Property Fund voted to transfer management to Dexus, while the search for a new manager of the $7 billion AMP Capital Wholesale Office Fund (AWOF) has led to reports of accusations from investors of conflicts of interest at board level.
AWOF has been considered a key plank of AMP’s eventual demerger of its private markets business and was retained within AMP despite overtures from Mirvac and GPT.
Meanwhile, former Lendlease group CIO Robert Hattersley was brought on to become CIO of AMP Capital’s real estate division, shortly after it appointed property veteran Christina Malcolm as leasing director across its office and logistics real estate team.
AMP Capital said the business is already well progressed in operating separately from AMP Limited, with its own executive leadership team, board and strategy. Board director and executive Patrick Snowball have been announced as chairman designate and Andrew Fay as deputy chairman designate of the demerged business.
