Citi, JPMorgan and MA Moelis have advised Dexus on its acquisition of AMP’s funds management arm, Collimate Capital.
Quay Quarter Tower, Circular Quay, is one of the prized assets in the AMP Capital/Collimate Capital portfolio.The deal had an up to $1 billion headline value, with Dexus to pay $250 million upfront, up to another $300 million if assets are retained on the platform post completion, and $450 million for co-investment stakes.Advertisement
The deal would see Dexus take management rights to all of Collimate Capital’s Australian assets, including $18.2 billion in real estate and $9.7 billion in infrastructure. It will also try to acquire co-investment stakes in the platform’s funds, worth about $180 million. AMP remains in talks to sell Collimate’s international infrastructure equity arm, which is responsible for $9 billion in assets, to another party.
The key for Dexus will be to retain as much of the funds under management as possible. The real estate group said it would meet Collimate investors in coming weeks to try to shore up the transfer of the assets. co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.