The vote ends more than six months of uncertainty over the future of the fund, after Mirvac revived its bid this year, backed by disgruntled investors.
The loss of the fund represents a blow for AMP which, under a deal with Dexus as the incoming manager, stood to gain as much as $300 million through an earn-out consideration, depending on how many mandates and funds remained on the real estate platform after the handover. Along with other departures, the earn-out prize has shrunk to $75 million, AMP said on Monday.
“While a compelling proposal, AMP respects the decision of the fund’s investors and will comply with its legal obligations in the transfer of management rights,” it said.Mirvac’s renewed tilt for AWOF rode a wave of unrest from investors, who were disgruntled by a previous process that had considered who would make the best manager for the office fund.
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