AMP Capital to continue as manager of the AMP Capital Wholesale Office Fund (AWOF)
AMP Limited today announces that the Trustee Board for AWOF has decided that it is in the best interests of unitholders as a whole for AMP Capital to continue as trustee and manager of the fund.
The Trustee Board, which has been advised by an Independent Advisory Committee (IAC) and external legal and financial advisers, made the decision following a thorough assessment of management proposals received from AMP Capital and two shortlisted competitors.
AMP Capital will continue as AWOF’s manager and implement several changes under its proposal, including to the governance of the fund, increased manager alignment and reduced fee arrangements.
AMP Limited has committed to providing alignment capital to support AWOF and other real estate funds managed by AMP Capital, ahead of the planned demerger of AMP Capital’s Private Markets business. AMP Limited estimates its total capital support to the real estate business ahead of demerger will be up to A$500 million.
Shawn Johnson, AMP Capital Chief Executive Officer said:
“We acknowledge and welcome the Trustee Board’s decision and thank the Directors and IAC for their work. AMP Capital remains committed to managing AWOF, which is leading the MSCI/Mercer office index over one, two- and three-years.
"Our strong track record, as well as the recent A$2.2 billion Pacific Fair and Macquarie Centre transaction - the largest of its type in Australian history - demonstrates our capability to continue delivering for our investors in real estate.
“This decision recognises the commitment of our real estate team, who deliver every day for AWOF unitholders, and follows a comprehensive and detailed review against our peers.”
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Authorised for release by the Market Disclosure Committee
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Important Notice
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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.