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Dexus Finance Pty Limited: ACRT transition from the AMP platform

·3-min read

Dexus Finance Pty Limited / Key word(s): Real Estate
Dexus Finance Pty Limited: ACRT transition from the AMP platform

02-Sep-2022 / 05:54 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

Dexus (ASX: DXS)

ASX release

2 September 2022

ACRT transition from the AMP platform

Dexus notes today’s announcement by AMP Limited (“AMP”) that AMP Capital Retail Trust (ACRT or the Fund) will transition from the AMP platform.

On 27 April 2022 Dexus entered into a Share Sale and Purchase Agreement (“SPA”) with Collimate Capital Limited, a wholly owned subsidiary of AMP Limited, to acquire AMP’s real estate and domestic infrastructure equity business (“Transaction”)[1].

The structure and pricing of the SPA were agreed having regard to the final assets under management (“AUM”) that will be transitioned to Dexus. As a result of ACRT exiting the AMP platform, the earn out amount payable under the SPA will reduce to a maximum of approximately $25 million[2], taking the maximum potential price to approximately $275 million including the $250 million upfront cash payment. The maximum potential AUM that will transition across to Dexus is approximately $18 billion. Further information will be provided as Dexus and AMP Capital progress towards completion of the transaction.

Dexus remains focused on completing the Transaction which positions it as a leading real asset manager, with new capabilities and an expanded product offering, underpinned by our best practice governance and risk management framework.

Subject to satisfaction of conditions precedent, Dexus expects the Transaction to complete this calendar year.

Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited

 

For further information please contact:

 

Investors
Rowena Causley
Head of Listed Investor Relations
+61 2 9017 1390
+61 416 122 383
rowena.causley@dexus.com

Media
Jim Kelly
Domestique
+61 412 549 083
jim@domestiqueconsulting.com.au

[1]  Dexus originally announced the Transaction to ASX on 27 April 2022.

[2]  The earn out consideration is subject to a range of factors including successful transition of assets under management (“AUM”) and will be finally assessed nine months following completion of the Transaction.

Information and Explanation of the Issuer to this announcement:

About Dexus

Dexus (ASX: DXS) is one of Australia’s leading fully integrated real estate groups, managing a high-quality Australian property portfolio valued at $44.3 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $18.4 billion of office, industrial and healthcare properties, and investments. We manage a further $25.9 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $17.7 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. Sustainability is integrated across our business, and our sustainability approach is the lens we use to manage emerging ESG risks and opportunities for all our stakeholders. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange and is supported by more than 29,000 investors from 24 countries. With over 35 years of expertise in property investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering superior risk-adjusted returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS)
Level 25, 264 George Street, Sydney NSW 2000

 

02-Sep-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Dexus Finance Pty Limited

264 George Street

2193 Sydney

Australia

Phone:

+61 2 9017 1100

Fax:

+61 2 9017 1101

E-mail:

ir@dexus.com

Internet:

www.dexus.com

ISIN:

XS1961891220

WKN:

A2RZHG

Listed:

Regulated Unofficial Market in Frankfurt

EQS News ID:

1433859


 

End of Announcement

DGAP News Service

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