AMP fights for fund in Dexus’ crosshairs Lachlan Maddock 16 March 2021
AMP Capital is biting back at a merger play from Dexus for its lucrative Diversified Property Fund (ADPF).
Dexus hopes to combine the ADPF with its own Wholesale Property Fund in a merger it believes will “expand and diversify” its business. But while the ADPF’s independent board has signaled support for the merger and recommended unitholders vote in favour of it, AMP Capital hasn’t – and believes it can deliver more value to shareholders.
“While we respect the (independent board’s) decision, we have strong conviction and confidence in our team and its knowledge of the ADPF portfolio. The performance of ADPF speaks for itself and we are confident that our proposal will deliver benefits to all ADPF unitholders,” said AMP Capital head of real estate Kylie O Connor.
The investment management arm of AMP is battling the momentum of a rival bid from Dexus, which has the backing of the independent board of the AMP Capital Diversified Fund for its merger proposal.
NAB leaves the building and Bank of Queensland moves in
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AMP Capital has inked a lease with the Bank of Queensland (BOQ) for its new head office in Sydney, in a sign that the beleaguered office market is showing some life.
It is the space vacated by the National Australia Bank (NAB) at 255 George Street in the heart of the city. NAB is now the anchor tenant for the nearby $2 billion Brookford Place tower at Wynyard railway station.
BOQ will take the signage as part of its 10-year lease, which covers close to 6000 square metres, or four floors.
Sunsuper cuts property mandate with AMP Capital
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Super fund Sunsuper has withdrawn its mandate to manage around $1.5 billion in commercial property from AMP Capital, putting further pressure on the investment platform as it races to lock in a potentially transformative joint venture deal with New Yorkâs Ares Management.
Sunsuper is transferring its real estate mandate to Mirvac, the ASX-listed developer which, under the leadership of Susan Lloyd-Hurwitz, is keen to expand its growing funds management business.
Sunsuper, AMP Capital and Mirvac all declined to comment on the move but senior industry sources confirmed the switch is already underway.
âHub and homeâ: New norm for workers is a grim reality for office owners
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Office landlord GPTâs boss Bob Johnston is not quite ready to pull up the white flag in the battle to get workers back to city offices, but he admits the remote working trend is here to stay.
Workers, scattered across their home offices and armed with technology â from messaging to video-conferencing apps - are not in a rush to return to the towers. And even those keen to get back are tilting towards a hybrid model â dividing their time between open plan offices and their work stations at home.