Update on Collimate Capital acquisition

1 March 2023

Update on Collimate Capital acquisition

Dexus today provides an update on its agreement to acquire Collimate Capital’s real estate and domestic infrastructure equity business (the “Transaction”) from AMP Limited (“AMP”). Dexus and AMP have agreed to extend the date for satisfaction or waiver of the conditions precedent for the Transaction to 20 March 2023.

Dexus and AMP are also in the process of finalising binding documentation for an alternative Transaction structure under a two-stage completion process. This would allow first completion of the Transaction without satisfaction of the condition precedent relating to the transfer of AMP’s ownership interest in China Life AMP Asset Management (“CLAMP”) out of entities being acquired by Dexus under the Transaction.

Under the alternative Transaction structure, the staff and effective day to day management of the majority of the platform would transfer to Dexus at first completion. First completion is expected to occur on or before 20 March 2023. Final completion will remain dependent on the ownership of CLAMP being transferred out of the relevant entities that Dexus has agreed to purchase.

The maximum total consideration payable by Dexus has been reduced to a base purchase price of $225 million, in accordance with the update provided to ASX on 9 January 2023.

The alternative transaction approach will be pursued alongside completion requirements for the existing Transaction. Dexus will keep the market informed of any material updates relating to the Transaction.