Mirvac’s pursuit of the $7.7 billion fund’s management, after its initial approach was turned down last year, finally bore fruit this week.
finally bore fruit this week with about 60 per cent of investors voting in its favour.
But Mirvac’s move is not without risk, given that it has agreed to fund a liquidity mechanism of up to $250 million and may participate in a capital raising undertaken by AWOF, taking its total investment in the fund to $500 million, Barrenjoey analysts noted. That could amount to a stake in the fund worth 5 per cent to 10 per cent.
Investors in AWOF – including major institutions such as TCorp, Telstra Super, Victorian Funds Management Corporation and UniSuper – will be happy, not only with the outcome of the vote but the preceding tussle for the management rights which improved conditions and the fee regime in the fund.
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