Dexus (ASX:DXS) agreed to acquire Collimates real estate and domestic infrastructure equity business from Collimate Capital Limited for AUD 550 million on April 27, 2022. The consideration comprises a AUD 250 million upfront cash payment and earn out consideration of up to AUD 300 million. Dexus has appointed Citigroup Global Markets Australia Pty Limited, J.P. Morgan Securities Australia Limited and MA Moelis Australia Advisory Pty Limited acted as financial advisers and Ali, Javed, Calais, Saranpaal, Culas, Alexandra, Denisenko, Jason, Dulloo, Romaan, Emanuel, Lisa, Gray, Jason, Harris, Daniel, Kenavan, Aaron, Li, Arnold, Llewellyn, Jodie, McDonald, Peter, Palmer, Jamie, Parshall, Michael, Pyke, Ashton, Rubery, Matthew, Salter, Chris, Shepherd, Michael, Tay, Janna, Tiwari, Raksha, Vassil, Pamela, Warren, Thomas, Wong, Ka Sen, and Xu, Francie of Allen & Overy acted as legal adviser. Transaction is expected to complete during the first half of FY23. Goldman Sachs is financial advisor to AMP in the deal. Macquarie Capital (Australia) Limited acted as financial advisor to Collimate. Completion is currently anticipated for the end of September 2022. As of September 2, 2022, Dexus remains focused on completing the Transaction. Subject to satisfaction of conditions precedent, Dexus expects the Transaction to complete this calendar year. As of January 9, 2023, AMP and Dexus have agreed to extend the date for satisfaction or waiver of conditions precedent to 28 February 2023. However, if the conditions precedent are not satisfied or waived by 26 January 2023, the base purchase price will be reduced by AUD 25 million to AUD 225 million, and the remaining potential funds under management (FUM) based earnout (currently AUD 26 million) will be forfeited. As of Janury 10, 2023. The date for satisfaction or waiver of conditions precedent extended to February 28, from January 27, 2023. The maximum total consideration payable has been reduced to AUD 225. As on March 1, 2023, the date for satisfaction or waiver of the conditions precedent for the Transaction extended to March 20, 2023. On March 20, 2023, Dexus and AMP have finalised binding documentation for an alternative Transaction structure under a two-stage completion process, with First Completion on March 24, 2023. The alternative transaction structure allows 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, First Completion enables integration of the Collimate Capital business into the Dexus platform. Dexus will be entitled to the economics from First Completion. As on March 24, 2022, first-stage completion has occurred for the sale and transfer of the AMP Capital real estate and domestic infrastructure equity business to Dexus. Final completion of the transaction is expected to occur on 30 November 2023.

Dexus (ASX:DXS) completed the acquisition of Collimates real estate and domestic infrastructure equity business from Collimate Capital Limited on November 30, 2023.