AMP Limited has today received notice from the majority unitholders in AMP Capital Retail Trust (ACRT) of their intention to move management of the trust to an external entity.

AMP respects the decision of the unitholders and will now be working with them to effect the transfer of the management rights. As of 31 July 2022 the Assets Under Management of the trust were A$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 earnout payable to AMP under the sale terms will reduce to approximately A$20 million, as a result of the ACRT management rights not transitioning to Dexus.

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