Property manager Mirvac has received a bit of a rap on the knuckles as it chases down AMP’s coveted AMP Capital Wholesale Office Fund.
Property manager Mirvac has received a bit of a rap over the knuckles as it chases down AMP’s coveted AMP Capital Wholesale Office Fund .
The first was about Mirvac’s track record managing third-party capital, with the trustee reminding AWOF investors that “Mirvac currently does not have a pooled wholesale funds management business nor any pooled wholesale funds under management.” “There may be restrictions in the employment agreements of the employees of the AMP Capital group that may restrict those individuals from being employed by a competitor for certain periods of time,” the trustee warned.And finally, while Mirvac offered to waive its pre-emptive rights at the South Eveleigh development in Sydney if it was AWOF’s manager , the trustee said those rights wouldn’t necessarily be triggered under AMP’s wider sale of AMP Capital/Collimate Capital to Dexus.