AMP Limited today provided an update that the trustee of the AMP Capital Wholesale Office Fund (AWOF) has received a letter from certain AWOF unitholders requesting a meeting to vote on a change of the fund’s trustee.

Under Collimate Capital’s management, AWOF has outperformed the MSCI index over three-years, with a total return of 9.5 per cent per annum.

AMP is working closely with Dexus to ensure the smooth transition of the real estate platform, which will provide stability for clients, employees and partners. Part of the considerations for AMP in determining to work with Dexus in the Collimate Capital acquisition is their deep track record in funds management, experience and resources to manage the transition, and the expertise they bring which AMP believes will improve the investment outcomes for clients.

AMP and Dexus will continue to work hard to demonstrate to investors that it is in their best interests to retain the current team. If Collimate Capital is not successful in retaining AWOF, this would reduce the final earnout amount payable under the sale agreement with Dexus by approximately fifty per cent.

The Collimate Capital transaction with Dexus remains on track to complete during 2H 2022.

Authorised for release by the Market Disclosure Committee.