The initial thesis on AMP Limited (behind paywall) published on 16th Feb 2022.

The subsequent update on 24th March 2022 and now…

After a bevy of international suitors, it seems that the local Australian companies are lining up for the AMP Limited’s Collimate.

Cromwell Property is partly owned by ARA Asset Management which is in turn own by ESR Cayman. So the possibility is that ESR is getting Cromwell to be the vehicle to acquire Collimate.

Then today, AFR reported that more firms throw their hats into the ring. We have HMC Capital, Dexus, Mirvac and Scentre.

If all these competition do not push the price to its upper limit, there may really be a problem with the management and business!

Looking forward to the auction exercise where the highest bidder will win.

From a risk reward basis, it seems like it is all upside from here.

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