The merger of a property fund of Australian real estate developer Dexus with a real estate fund by AMP Capital has been approved by unitholders.
In March, Dexus said it had struck a deal to merge its A$10.1 billion ($7.82 billion) Dexus Wholesale Property Fund (DWPF) with the A$5 billion AMP Capital Diversified Property Fund (ADPF).
AMP Capital will continue to manage assets held by ADPF that are co-owned with other AMP Capital managed funds.
In a separate statement, Dexus said the merger will expand its fund management business and be added to the company's adjusted funds from operations and net asset value in fiscal 2022.
The portfolio includes investments in assets such as Quay Quarter Tower in Sydney (50 percent interest), which is currently under construction; 309-321 Kent Street in Sydney (50 percent interest, with remaining 50 percent co-owned by Dexus); Westfield Booragoon Shopping Centre in Perth (50 percent interest); and Westfield Warringah Mal
