This article is from the Australian Property Journal archive
MIRVAC may yet take control of the $7 billion AMP Capital Wholesale Office Fund (AWOF), with investors requisitioning a meeting over its future less than a month after Dexus looked set to sweep the rights to all of AMP’s $28 billion worth of local real estate and infrastructure assets.
The deal for Dexus to assume local management rights of Collimate Capital is now partly under threat after Mirvac made a late-Friday ASX statement saying that unitholders had written to requisition a meeting to vote on the replacement of the trustee with Mirvac.
At least 50% of the total votes cast by AWOF unitholders entitled to vote on the resolutions are required to vote in favour of a change of trustee. The vote, in about two months, would replace an independent advisory committee determining the better of Mirvac’s and Dexus’ respective proposals to manager AWOF.
AWOF owns major assets include Quay Quarter and Circular Quay in Sydney and Collins Place in Melbourne.
Last month’s deal with Dexus scuppered AMP Limited’s plans to spin off the recently rebadged billion asset management arm. A previous search for a new manager for AWOF led to reports of accusations from investors of conflicts of interest at board level. AWOF was 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.
