This article is from the Australian Property Journal archive
DEXUS has launched the first in a series of closed-ended opportunity funds that will hunt enhanced returns through value-add, development and “special situation” assets.
Dexus will co-invest up to $100 million in the Dexus Real Estate Partnership 1.
“Our new unlisted fund will capitalise on emerging pockets of opportunities where we can leverage Dexus’s large-scale platform of transactions expertise, active asset management and development capability to deliver enhanced returns to the fund’s investors,” Dexus executive general manager, funds management, Deborah Coakley said.
Jason Howes has been appointed as fund manager, bringing “experience in special situation investing across the capital spectrum”, Dexus said.
Dexus has achieved an unlevered IRR of more than 29% and $369 million of realised trading profits, pre-tax, since FY12.
Earlier this month the Healthcare Wholesale Property Fund attracted an investment of $70 million from a new domestic institutional investor, and also picked up the College Junction medical centre in Brisbane’s Clayfield for $36.5 million. Dexus and GIC’s logistics trust spent $173.5 million in July acquiring two new facilities in July, including Ford’s spare parts national distribution centre in Melbourne.
Meanwhile, Dexus’s unlisted wholesale fund, DWPF is reportedly close to divesting the 452 Flinders St office tower in Melbourne’s CBD for over $450 million.
