The AMP Ltd (ASX: AMP) share price is slipping this afternoon on news the company has lost control of the AMP Capital Retail Trust (ACRT).
The loss has implications for the sale of Collimate Capital's real estate and infrastructure leg, which is on track to be snapped up by Dexus Property Group (ASX: DXS) later this year.
The AMP share price spent most of the morning in the green, reaching a high of $1.195 before it was put into a trading halt pending the announcement of the loss. It has since returned to trade.
The AMP share price is currently swapping hands for $1.155, 0.86% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) has slumped 0.1% at the time of writing.
Let's take a closer look at what's going on with the AMP share price on Friday.
AMP share price falls on loss of $2.7b fund
The AMP share price has slipped into the red after a short trading halt was broken by disappointing news of the $2.7 billion ACRT.
The loss means the total potential earn-out on offer from the sale of Collimate Capital's real estate and infrastructure business has fallen to just $20 million. AMP will still receive the $250 million cash portion of the sale.
Originally, the sale came with up to $300 million of potential earn-outs. That dropped to $75 million when AMP lost control of the $7.7 billion AMP Capital Wholesale Office Fund (AWOF).
The sale's completion was previously on track for the end of this month. It has now been pushed back until November.
The decision to change the management of the trust to an external entity was made by its unitholders. The company said it respects their decision and will work with them to transfer management rights.
Collimate Capital's international equity business is also being sold. It's to be picked up by digital infrastructure firm DigitalBridge for up to $699 million. That sale was previously on track to be completed in November.
At the time of writing, the AMP share price is around 15% higher than it was at the start of 2022. It has also gained 6% since this time last year.
