AWOF unitholder vote outcome

18 July 2022

AWOF unitholder vote outcome

Dexus notes today’s announcement by AMP Limited that AMP Capital Wholesale Office Fund (AWOF or the Fund) unitholders have voted in favour of a change of trustee of the Fund.

The initial proposal to replace the trustee of the Fund was received in 2021, prior to Dexus entering into a Share Sale and Purchase Agreement (“SPA”) on 27 April 2022 with Collimate Capital Limited (“Collimate”), a wholly owned subsidiary of AMP Limited, to acquire Collimate’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 AWOF exiting the Collimate platform, the earn out amount payable under the SPA will reduce to a maximum of approximately $75 million², taking the maximum potential price to approximately $325 million including the $250 million upfront cash payment. The maximum potential AUM that will transition across to Dexus is now $20.2 billion. Further information will be provided as Dexus and Collimate progress towards completion of the transaction.

In addition, Dexus will no longer acquire Collimate’s committed co-investment stakes in AWOF totalling circa $270 million.

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 during the second half of CY22.

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