Bulletin: ADPF Merger Would Bolster Dexus Wholesale Property Fund's Portfolio

MELBOURNE (S&P Global Ratings) March 16, 2021--S&P Global Ratings today said that a proposed merger with AMP Diversified Property Fund (ADPF) would bolster Australia-based Dexus Wholesale Property Fund's (DWPF; A/Stable/--) scale and diversity of complementary assets. Should the merger proceed, we would expect DWPF to remain committed to maintaining credit quality at the 'A' long-term credit rating level. We acknowledge that the merger proposal is elongated and subject to several hurdles. Should the merger plan be consummated, we will seek to ascertain DWPF's intentions to satisfy ADPF unitholder redemption requests, addressing change-of-control clauses on ADPF debt instruments, and DWPF's future financial policies and operating strategy. DWPF has entered into an implementation agreement with ADPF that seeks to merge the two

...March 16, 2021 MELBOURNE (S&P Global Ratings) March 16, 2021--S&P Global Ratings today said that a proposed merger with AMP Diversified Property Fund (ADPF) would bolster Australia-based Dexus Wholesale Property Fund's (DWPF; A/Stable/--) scale and diversity of complementary assets. Should the merger proceed, we would expect DWPF to remain committed to maintaining credit quality at the 'A' long-term credit rating level. We acknowledge that the merger proposal is elongated and subject to several hurdles. Should the merger plan be consummated, we will seek to ascertain DWPF's intentions to satisfy ADPF unitholder redemption requests, addressing change-of-control clauses on ADPF debt instruments, and DWPF's future financial policies and operating strategy. DWPF has entered into an implementation agreement with ADPF that seeks to merge the two entities. The proposed merger remains subject to approval from both funds' unitholders, who will receive a final formal proposal issued by the respective...

Bulletin