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.”
AUTHOR
Laura Dew
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