The merger of Dexus Wholesale Property Fund (DWPF) with AMP Capital Diversified Property Fund (ADPF) has been approved by unitholders, said the companies on Tuesday.
On 16 March 2021, Dexus Wholesale Property Fund had entered into an implementation agreement with AMP Capital Diversified Property Fund.
Dexus said ADPF is currently a circa A$5.4 billion diversified property fund that invests in the office, retail and industrial sectors. The overall sector allocation and portfolio quality is comparable to the DWPF portfolio.
The portfolio includes investments in assets such as Quay Quarter Tower, Sydney (50% interest) which is currently under construction, 309-321 Kent Street, Sydney (50% interest, with remaining 50% co-owned by Dexus), Westfield Booragoon Shopping Centre, Perth (50% interest) and Westfield Warringah Mall, Brookvale, Sydney (25% interest) along with a diversified portfolio of industrial assets.
ADPF also includes minority investments in two other AMP Capital managed wholesale funds, the AMP Capital Wholesale Office Fund (AWOF) and the AMP Capital Shopping Centre Fund (ASCF).
“We are pleased that both sets of Unitholders have signalled their confidence in our abilities through their support of the merger proposal and welcome the ADPF unitholders onto our platform. We will continue to execute on the Fund’s investment strategy as we integrate the ADPF assets to drive performance and deliver further economies of scale from a management, procurement and leasing perspective,” said Darren Steinberg, Dexus CEO.
”The merger will expand Dexus’s funds management business, further diversifying DWPF’s portfolio and investor base while solidifying the Fund’s position as a globally significant diversified real estate wholesale fund,” he added.