Login
iscover
Commercial property firm Dexus has acquired Collimate Capital in a bid to substantially expand its funds management platform.
Australian commercial property manager Dexus has achieved the final completion of their much-anticipated acquisition of Collimate Capital, over 18 months after the deal was first announced.
In April 2022, Dexus revealed that it had entered into a share sale and purchase agreement with Collimate, and would pay $250 million upfront and up to $300 million of earn out consideration in order to acquire Collimate’s real estate and domestic infrastructure equity business.
Collimate Capital, previously known as AMP Capital, was a subsidiary of AMP up until the takeover. It provides investment management services to customers worldwide.
In March 2023, just under a year after the transaction was first announced, Dexus and Collimate agreed to a revised structure that would break the transaction up into two stages.
The first completion, which took place on 24 March 2023, allowed Collimate to be integrated into the Dexus platform without requiring AMP to transfer its interest in China Life AMP Asset Management Company Limited (CLAMP) out of entities being acquired by Dexus.
The second and final stage of completion took take place on 30 November 2023, one month after AMP had transferred its interest in CLAMP.
The base purchase price was revised to $225 million, with an additional $50 million to be paid upon final completion. Dexus also paid an additional $105 million for sponsor investments and $57 million for the net remainder of the liabilities on Collimate’s balance sheet.
The Collimate acquisition is a major boost to Dexus, which describes itself as “a leading Australasian fully integrated real asset group” and boasts a combined real estate and infrastructure portfolio of $61 billion.
Recently, Dexus has given increasing attention to its funds management platform, which currently has $43.6 billion of investments. Office, industrial and healthcare are strongly represented in the funds management platform, with vehicles including Dexus Healthcare Property Fund and Dexus Wholesale Property Fund.
The final completion of the Collimate acquisition comes just six weeks after Dexus CEO, Darren Steinberg, revealed he would be stepping down in 2024 after over a decade in the executive role.
Never miss a beat with 
Stay across what’s happening in the Australian commercial property market by signing up to receive industry-specific news and policy alerts, agency updates, and insights from reb.
Subscribe to reb Commercial:
