April 27 (Reuters) - The merger of a property fund of Australian real estate developer Dexus (DXS) with a real estate fund run by AMP Ltd's (AMP) asset management arm has been approved by unitholders, the companies said on Tuesday.
The vote comes just a few days after embattled wealth manager AMP Ltd ended talks to sell its private markets business to Ares Management Corp ARES.N , and said it would spin off and re-brand the unit instead.
Last month, 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, AMP Ltd's asset management arm, had subsequently put forward an alternate proposal, without disclosing further details.
"We respect our investors' decision to seek the scale that the merged fund will provide," AMP Capital Head of Real Estate Kylie O'Connor said in a statement.
AMP Capital will continue to manage assets held by ADPF that are co-owned with other AMP Capital managed funds, it said.
In a separate statement, Dexus said the merger will expand its fund management business and be add to the company's adjusted funds from operations and net asset value in fiscal 2022.
Dexus has also agreed to contribute $400 million in funding to facilitate upfront liquidity to redeeming ADPF unitholders.
Add to My Watchlist
What is My Watchlist?
 (20min delay)
|
|||||
|
Last
$7.31 |
Change
0.010(0.14%) |
Mkt cap ! $7.862B | |||
| Open | High | Low | Value | Volume |
| $7.26 | $7.33 | $7.25 | $3.669M | 503.1K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 22 | 17878 | $7.31 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.32 | 16588 | 39 |
View Market Depth
| Last trade - 14.17pm 12/08/2025 (20 minute delay) ? |
| DXS (ASX) Chart |