AMP suffers blow as AMP Capital Retail trust moves managers

AMP Limited has lost management control of the $2.7 billion AMP Capital Retail Trust.

The company has informed the Australian Securities Exchange (ASX) that it had received notice from the majority of unitholders in the trust of their intention to move management of the trust to an external entity.

AMP said it respects the decision of the unitholders and will now be working with them to effect the transfer of the management rights.

It noted that as at 31 July, asset under management (AUM) of the trust were $2.7 billion.

“The decision to change manager does not impact the completion of the sale of the real estate and domestic infrastructure equity business to Dexus, which is now expected to complete by November 2022,” the announcement said.

It said the earnout payable to AMP under the sale terms will reduce to approximately $20 million, as a result of the ACRT management rights not transitioning to Dexus.