Plenary heats up race for AMP’s CommIF fund
The investment group is doubling down on efforts to win management control of the Community Infrastructure Fund which AMP is hoping will end up with Dexus.
The investment group is doubling down on efforts to win management control of the Community Infrastructure Fund which AMP is hoping will end up with Dexus.
AMP has made an eleventh-hour pitch with a fee waiver to convince investors in its $7.5bn wholesale office fund to side with its preferred manager, Dexus, over rival Mirvac.
Investors in the $8bn AWOF are to vote on whether to hand control to Dexus or property rival Mirvac on July 15.
The property company is constantly on the move as its chief hunts new opportunities for investors.
ASX rallies on energy, mining and banking stocks. PointsBet rally continues, Lake Resources crashes 28 per cent, Dexus portfolio grows $374m and RBA says rate hikes to continue.
The property giant is looking for a partner on an $800m portfolio of logistics properties in one of the largest real estate portfolio offerings of the year.
One more rival enters the race to spoil the Dexus takeover of the major real estate and infrastructure platform. But investors would be advised to place some suitors under serious scrutiny.
The developer has offloaded a Brisbane CBD property to a luxury tenant as it focuses on Waterfront Brisbane.
The infrastructure investment manager is the latest group trying to upset a deal by Dexus Property Group to buy the bulk of AMP’s Collimate Capital.
The battle for AMP’s real estate assets will go to a vote that could see Mirvac take control of the key office fund away from Dexus.
The battle between Mirvac and Dexus to take control of AMP Capital’s prized real estate assets will come down to who has a better strategy to navigate a changed market.
The battle for the former AMP Capital business has now switched to big shopping centres but incoming owner Dexus is confident it will keep the funds.
Buying the local Collimate Capital funds empire could be just the beginning for Dexus but rivals are trying to peck at its empire.
The office landlord and property funds manager has lifted its guidance as it prepares to take control of the local operations of Collimate Capital.
A spokeswoman for the superannuation fund said it was reviewing implications of the sale of AMP’s local real estate business to Dexus “for the ongoing management” of its portfolio.
The initial battle for the Collimate Capital empire has been won by Dexus, but a key vote on Thursday could change the picture.
AMP is preparing a chunky capital return to shareholders amid the landmark carve-up of its private markets business, including a deal of up to $1bn with Dexus.
The impending sale of the $31bn local property and infrastructure unit risks being complicated by the renewed tussle for the platform’s prized office fund, with assets of some $8bn.
Not only is Dexus nearing the purchase of Collimate Capital’s $30bn local real-assets funds operation, the contest for major direct assets is heating up.
Investors and analysts are tentatively backing Dexus snapping up AMP’s marquee Australian real estate and infrastructure business, as the long-running saga comes to a head.
ASX closed nearly 0.6 per cent higher, led by Woodside, Santos, BHP and banks. RBA flags rate hikes coming soon amid inflation and wages watch. Boral dumps CFO and AMP confirms Dexus talks.
It’s the beginning of the end for AMP’s funds business that in its early days could have beaten investment bank Macquarie at infrastructure.
The financial services giant’s co-investment stakes associated with the fund vehicles could amount to hundreds of millions of dollars, players familiar with their value said.
AMP is preparing to announce a break-up of its asset management business, effectively ending hopes of a demerger that would see an ASX listing for its Collimate Capital unit.
The move marks a shift away from the original plans that would have left its funds unit, now rebranded as Collimate Capital, with about $44bn under management.
A transaction would lock in Dexus as one of the country’s biggest funds managers and could extend it beyond property.
Dexus and Frasers have unveiled the next leg of the multi-billion dollar precinct next to Sydney’s Central Station that is already garnering strong interest.
The software giant is but one of a series of technology companies looking to put their stamp on the city as workers return.
The property giant has diversified into funds and logistics but is so confident that it is ramping up new skyscraper projects.
ASX ends at a five-day low as investors sell energy and utilities stocks. Iron ore futures dive as China regulators call meeting, Sims leaps on profit growth and BHP posts record dividend.
Original URL: https://www.theaustralian.com.au/topics/dexus/page/4