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Sydney office property: AMP exits EY Centre in $575m deal with Mirvac
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AMP rejects $1.4b CommIF bid
Jul 20, 2021 – 11.16am
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The independent board representing AMP Capital’s funds management business has rejected any takeover of its $1.4 billion Community Infrastructure Fund and junked any further discussions with suitors Plenary Group, Morrison and Co, and Palisade Investment Partners.
Ming Long, chairman of AMP Capital’s independent board committee.
Steven Siewert
The decision by AMP Capital Funds Management’s independent board committee came despite heavily depleted ranks of investment staff, several of whom jumped ship to Plenary last month, and after AMP Capital slashed fees for investors to match rival proposals.
However, the battle for the fund is not over, say some investors, who have raised concerns about the arms-length independent process and still wish to see the matter put to a vote, which would require 5 per cent of non-AMP investors to call an extraordinary meeting.
AMP investors wrest control of Pahari s GIF funds
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AMP Capital mugged by reality as more staff leave
Jul 4, 2021 â 7.00pm
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AMP Capital has suffered further resignations from its key senior infrastructure management team, undermining the companyâs attempt to remain in control of its $1.3 billion Community Infrastructure Fund.
AMP Capitalâs head of energy, Stasha Prnjatovic, blindsided the company with her resignation to join an offshore pension fund last week, days after the group spruiked her 13 yearsâ experience with CommIF as a message to investors who may be backing a move to shift control of the fund to rival suitor Plenary Group.
AMP Capital is attempting to sandbag moves to break up the groupâs assets under management.Â
AMP Capital warns of âconflicted, captiveâ Plenary
Jun 29, 2021 â 11.03am
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AMP Capital has warned investors of âunmanageableâ conflicts of interest and being trapped in vehicles stuffed with âpoor performing greenfield and brownfield assetsâ if unitholders in its $1.3 billion Community Infrastructure Fund jump ship to suitor Plenary Group.
The move is an escalation of the tit-for-tat battle between AMP and Plenary as both organisations fight to control the Community Infrastructure Fund (CommIF), which is also being tilted at by two other rival investment managers, Morrison & Co and Palisade Investment Partners.
AMP Capital is attempting to sandbag moves to break up the groupâs assets under management.Â
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