finally bore fruit this week with about 60 per cent of investors voting in its favour.
But Mirvac’s move is not without risk, given that it has agreed to fund a liquidity mechanism of up to $250 million and may participate in a capital raising undertaken by AWOF, taking its total investment in the fund to $500 million, Barrenjoey analysts noted. That could amount to a stake in the fund worth 5 per cent to 10 per cent.
Investors in AWOF – including major institutions such as TCorp, Telstra Super, Victorian Funds Management Corporation and UniSuper – will be happy, not only with the outcome of the vote but the preceding tussle for the management rights which improved conditions and the fee regime in the fund.
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