Investors in the AMP Capital Community Infrastructure Trust (CommIF) have been told that the independent board committee (IBC) has terminated discussions with three potential takeover contenders.

Plenary Group, HRL Morrison and Co and Palisade had submitted separate proposals to take over management of the A$1.4bn (€870m) entity, Australia’s largest social infrastructure fund.

CommIF’s responsible entity, AMP Capital Funds Management, established the IBC to formally consider whether any of the proposals was in the best interests of CommIF members.

The IBC, chaired by Ming Long, recommended that AMP Capital remain the manager and responsible entity for CommIF.

IPE Real Assets understands that the IBC decision might not be the end of the story. At least two asset consultants are believed to maintain their positions not to recommend further investments into the fund.

An AMP Capital spokeswoman said: “We are pleased that, after a comprehensive, independent review, we have been selected to continue managing the fund.”

In response, a spokesman for Plenary Group told IPE Real Assets: “We believe we have put a compelling case to investors that demonstrates why the Plenary Funds Management team is best-placed – in terms of talent, experience and stability – to manage the CommIF portfolio, and we look forward to hearing what investors have to say about it.”

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