Unitholders in the AMP Capital Wholesale Office Fund (AWOF), including some of Australia’s largest superannuation funds, have requested a meeting to vote on a change of the fund’s trustee.
The investors are seeking to decide whether Dexus – which has bought AMP Capital’s domestic real assets platform – or another fund manager, Mirvac, should manage the A$7bn (€4.7bn) fund.
AMP said it had received a letter from “certain AWOF unitholders” seeking the opportunity to vote on their choice.
As it ramped up its bid to prize away the office fund from Dexus, Mirvac told the market on Friday that unitholders had sought a vote to replace management of the trust.
AMP Capital’s wholesale investors include the NSW government investment agency, TCorp, corporate fund Telstra Super, industry fund UniSuper and Victoria’s public service super fund.
Mirvac and GPT Group were the two shortlisted final bidders last year when the fund’s trustee board decided to accept a recommendation by an independent committee formed to assess the merits of a number of rival proposals to manage the office fund.
At the time, the board decided to retain AMP Capital as manager.
Under AMP Capital, (now Collimate Capital) management, AWOF has outperformed the MSCI index over three years, with a total return of 9.5% per annum.
The Collimate Capital transaction with Dexus is expected to complete during the second half of this year.
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