AMP Capital acknowledges the decision by ADPF’s Independent Board Committee (IBC) to recommend a proposal to merge ADPF with the Dexus Wholesale Property Fund (DWPF) last night (15 March 2021). The merger remains subject to a vote of unitholders, and AMP Capital will now continue to engage directly with unitholders, as well as with the IBC.
AMP Capital has put forward an alternative proposal to the merger, which it believes will deliver value to unitholders. The proposal is supported by AMP Limited, which has kept Ares Management Corporation informed. AMP and Ares are currently in discussions regarding a joint venture for AMP Capital’s private markets businesses, including Real Estate.
The final decision on the merger proposal is subject to a vote by ADPF unitholders, which is expected to be held in the coming weeks, as well as approval from DWPF unitholders.
ADPF is a diversified real estate investment fund, which was ranked no. 1 in both the MSCI/Mercer survey and the ANREV Australian Core Open End Fund Index survey for the most recent one-year period.
Kylie O’Connor, AMP Capital’s Head of Real Estate commented: “While we respect the IBC’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. We will continue to engage directly with unitholders on the benefits of our proposal and the high-quality nature of the portfolio.
“AMP Capital has a proud history of managing ADPF since its first iteration in 1971 – a core portfolio of high-quality assets across the retail, office and logistics sectors, focused on achieving strong risk adjusted returns through active portfolio construction and asset management,” said Ms O’Connor.
“Our focus has always been on performance for unitholders, as well as managing the assets sustainably, and creating premium spaces for our tenants. Our track record in managing shopping centres and office locations is a strong testament to this.
“We are committed to continuing to work in the best interests of unitholders and tenants in all outcomes,” Ms O’Connor said.
While every care has been taken in the preparation of this document, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. Neither AMP Capital nor any company in the AMP Group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this document This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This document is not intended to be and does not constitute financial advice nor a recommendation to subscribe for or purchase any investment by any person in any jurisdiction nor does it constitute an offer, solicitation or invitation to subscribe or purchase any investment in any jurisdiction where it would be contrary to the laws, regulations or directives in force or applicable in such jurisdiction.