Mirvac’s new AMP desktop offering finds support, new advisors on board


Mirvac and the new investor push, which intensified last week, comes as AMP Ltd prepares a deal to sell the Australian arm of AMP Capital, which manages around $31 billion in assets, to the property manager rival Dexus, as reported by Street Talk.

AMP and Dexus are pushing to get their deal signed this week but are believed to be negotiating a deal that would make room for Mirvac to carve out AWOF, acknowledging what could prove to be an unstoppable push from investors in the fund .

Mirvac’s new push comes about six months after it ran out of management rights to AWOF, following a review by the fund’s trustee. The trustee, advised by Jarden, took proposals from Mirvac and the GPT Group, before signing a revised agreement with AMP Capital to continue managing the discounted fund.

Bigger projects are on the way

AWOF is one of the crown jewels within AMP Capital. The fund holds stakes in iconic office towers such as Quay Quarter in Sydney and Collins Place in Melbourne.

As Mirvac and Dexus shed management rights, sources have told this column that a deep-pocketed property owner – think Charter Hall or Blackstone, two big Australian property acquirers – might be willing to acquire the AWOF. in its entirety, including its assets and management rights.

It’s no secret that there are types of private equity cashing in on long-lived Australian assets, including real estate. Sources believe that AMP Capital has proven to be a bit tricky for private equity types, with many moving parts. However, if funds like AWOF were to be separated, they could attract bids.


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