Funds Management News

AMP inks Collimate deal with Dexus for upfront payment of $250m

Posted by Anton Murray Consulting on . Posted in Funds Management News


Dexus confirmed on Wednesday it has agreed to acquire Collimate’s real estate and domestic infrastructure equity business from AMP Limited. AMP will receive a $250 million upfront cash payment, with a further possibility to bank another $300 million subject to Assets Under Management (AUM) retention over a nine-month period after completion. In addition, Dexus will acquire all of AMP’s existing and committed sponsor stakes in the platform for cash consideration expected to be up to approximately $450 million, subject to discussions with fund investors, pre-emptive rights processes and applicable consents.

In a separate filing with the ASX, AMP said it considers it unlikely the full $300 million earn-out will be received given current expected loss of AUM of approximately $3.0 billion. “In Dexus we have found a strong owner for the real estate and domestic infrastructure equity businesses, which will add significant value through their strong track record and experience in real estate and asset management. Their depth of talent will strongly complement our specialist teams,” AMP chief executive, Alexis George, is quoted saying in the filing.
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