Unitholders of A$7.7bn (€5.2bn) AMP Capital Wholesale Office Fund (AWOF) have voted to replace current trustee AMP Capital Investors with Mirvac Funds Management.
As previously reported, the investors were seeking to decide whether Dexus – which has bought AMP Capital’s domestic real assets platform – or Mirvac, should manage AWOF.
The fund’s large investors include industry fund UniSuper, Victoria’s public service fund, VFMC, corporate fund Telstar Super, and NSW treasury investment arm TCorp.
Mirvac said: “It is expected that the Mirvac Trustee will become the trustee of AWOF in mid-October 2022. From the effective date, Mirvac will be the investment manager and property manager (in respect of AWOF’s wholly owned assets) of AWOF.
AWOF owns office buildings in Australian capital cities including the Quay Quarter Tower in Sydney and Collins Place building in Melbourne.
Mirvac’s CEO and managing director, Susan Lloyd-Hurwitz, said: “The addition of the A$7.7bn fund is an acceleration of Mirvac’s long-stated strategy to grow our third-party funds under management with aligned capital partners, and further enhances our position as a top-tier manager of prime office assets in Australia.”
Lloyd-Hurwitz said Mirvac would 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 $9.2bn office and mixed-use development pipeline.
In its response, Dexus said it noted the unitholders’ vote in favour of a change of trustee of the fund.
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