AIMSAMPIReit – BT

AIMS AMP to pay special distribution

AIMS AMP Capital Industrial Reit yesterday said a special distribution of 0.95 cent a unit will be paid on March 23. Unitholders with units in their CDP account as at Nov 30 will be entitled to the special distribution with the exception of 221.4 million units issued to AMP Capital Investment and cornerstone investors on Nov 24, ’09.

AIMS AMP Capital Industrial Reit changed its name from MacArthurCook Industrial Reit on Dec 24 following a recapitalisation exercise and the appointment of AMP Capital Holdings as co-sponsor.

The recaptalisation exercise was bitterly opposed by minority unitholders and Cambridge Industrial Reit, which had bought a close to 10 per cent stake after the announcement of the exercise.

They were upset that the deal diluted their holdings severely and was too favourable to new investors as AMP, the various cornerstone investors, and then sponsor AIMS Financial Group. CIT used its units to mount a week-long campaign to get unitholders to reject the refinancing proposal. It wanted unitholders to vote for CIT to manage the Reit instead.

But just days before a crucial meeting to vote on the proposal, CIT said the Monetary Authority of Singapore had blocked its plan to manage both Reits due to a possible conflict of interest.