After six months of discussions, Dexus has entered into an implementation agreement with AMP Capital, ultimately merging the two property funds.

The Dexus Wholesale Property Fund and the AMP Diversified Property Fund, if merged, will own a $15.1 billion portfolio, consisting of office, retail and industrial properties.

“This merger delivers further economies of scale from management, procurement and leasing perspectives across the platform and is strongly aligned with our objective of being the wholesale partner of choice”.  – Dexus CEO, Darren Steinberg,

DWPF fund manager Michael Sheffield said it was a “strategic fit with DWPF’s existing portfolio” providing additional exposure to premium real estate assets. “The ability to merge this portfolio in a cost and capital efficient manner enables us to create a combined entity which delivers strong benefits to investors,” Sheffield said.

The merger is subject to a vote of unitholders from both the DWPF and the ADPF, which is due to take place in late April.

FURTHER INFO:

> Urban Developer – 16/3/2021
> Sydney Morning Herald – 16/23/2021

The post Dexus & AMP Capital $15.1 Billion Merger Deal first appeared on Capstone.