AMP has announced a $337 million deal will be completed at the end of the week which will see the real estate and domestic infrastructure equity business be sold to Dexus Funds Management.
Announced to the ASX this morning, AMP said the deal will be completed on Friday, 24 March.
At first completion, AMP will receive payment of approximately $337 million from Dexus comprising:
- $175 million of the $225 million base purchase price for the real estate and domestic infrastructure equity business;
- $105 million for sponsor investments; and
- $57 million for the cash, net of the remaining liabilities, held on the business’ balance sheet.
Payment of the remaining $50 million of the base purchase price is contingent on the transfer of AMP’s interest in China Life AMP Asset Management Company Limited (CLAMP) by 30 September 2024. Following that transfer, the one remaining AMP Capital legal entity will move to Dexus and final completion of the transaction will occur.
The announcement marks a milestone in the delivery of AMP’s simplification strategy, following the divestment in the past 18 months of the remaining interest in AMP Life, the sale of AMP Capital’s global equities and fixed income business, the infrastructure debt platform and the international infrastructure equity business.