This article is from the Australian Property Journal archive
AFTER multiple delays, Dexus and AMP have finalised a $337 million transaction structure for the integration of AMP’s Collimate Capital business into the Dexus platform.
The deal allows Dexus to take on the business whilst still awaiting Chinese regulatory approval for China Life AMP Asset Management (CLAMP) to be transferred out.
Dexus will pay $175 million of the $225 million base purchase price, plus $105 million for sponsor investments and $57 million for cash on the business’ balance sheet.
The remaining $50 million of the base purchase price will be paid on final completion, as long as CLAMP’s transfer occurs by the end of September 2024.
First completion is due Friday.
Dexus agreed to take over nearly $28 billion worth of real estate and domestic infrastructure assets in a $430 million deal with AMP Limited in April – which was eaten into by shareholders of one fund voting to award management rights to Mirvac instead – while DigitalBridge secured Collimate’s international infrastructure equity business.
Regulatory approval hurdles have pushed back the deal multiple times.
