Investors reject AMP management of $7b office fund
AMP investors have voted to change the management of the $7.7 billion AMP Wholesale Office fund from AMP to Mirvac.
A statement from AMP said the firm, along with Dexus, had put forward a “compelling proposal” which included enhancements to governance and significant capital alignment but this was rejected.
AMP said the decision did not affect the completion of the sale of its real estate business to Dexus which was scheduled to take place in September.
Mirvac was scheduled to become the investment and property manager from mid-October 2022.
Mirvac managing director and chief executive, Susan Lloyd-Hurwitz, said: “Today’s vote by AWOF unitholders demonstrate their faith in Mirvac as a stable platform with a clear focus on governance and long track record of delivering unitholder value.
“We are pleased to offer AWOF unitholders reduced fees, a standalone trustee with a majority independent board and access to Mirvac’s market-leading, integrated asset creation and curation capabilities and platform including our $9.2 billion office and mixed us development pipeline.”
Recommended for you
Iress has announced it is strengthening its security settings after suffering an unauthorised access of its systems over the weekend.
Financial advice platform Otivo has made an experienced appointment from the US as its head of product strategy.
Apostle Funds Management has appointed the newly created position of director, head of wholesale as the firm expands its Australian footprint in the wholesale sector.
Recruitment manager Robert Half has shared the most in-demand roles in financial services that firms are finding difficult to fill, driven by ASIC’s growing focus on risk and compliance.