Dexus, AMP Capital to merge property fund

Australian real estate developer Dexus plans to merge one of its funds with a A$5 billion ($3.88 billion) diversified real estate investment fund (ADPF) managed by AMP Capital.

The merger remains subject to a vote of unitholders, and AMP Capital will now continue to engage directly with unitholders, as well as with the ADPF’s Independent Board Committee.

ADPF is a diversified real estate investment fund, which was ranked no. 1 in both the MSCI/Mercer survey and the ANREV Australian Core Open End Fund Index survey for the most recent one-year period.

Kylie O’Connor, AMP Capital’s head of real estate commented, “While we respect the IBC’s decision, we have strong conviction and confidence in our team and its knowledge of the ADPF portfolio. The performance of ADPF speaks for itself, and we are confident that our proposal w