This article is from the Australian Property Journal archive
AMIDST a leadership shakeup at Dexus and its Convenience Retail REIT, private equity giant Blackstone has paid more than $50 million for a last mile logistics asset from Dexus Wholesale Property Fund.
Dexus has appointed Nik Kemp to a newly created role of executive general manager of growth markets, where he will support Dexus’ growth into sectors such as infrastructure, healthcare and alternative investments.
Kemp is joining Dexus from AustralianSuper, where he was global head of real assets.
Marjan van der Burg has also been appointed to chief people officer at Dexus, joining from Macquarie Group where she held a number of roles both within Australia and abroad.
“Nik and Marjan will join the Dexus Executive Committee, supporting our focus on leadership in real assets and driving investment performance,” said Ross Du Vernet, group CEO and managing director at Dexus.
Additionally, Deborah Coakley is set to resign as chief executive of funds management after 11 years, effective 17 July 2024.
“Deborah has had a successful career at Dexus, most recently playing an important role in the growth of Dexus’ funds management business and the diversification of the investor base,” added Du Vernet.
“I would like to thank Deborah for her significant contribution and wish her all the best for the future.”
Coakley was also an executive director of the Board of Dexus Asset Management Limited (DXAM), the responsible entity of Dexus Convenience Retail REIT (DXC).
“Deb has been an executive director of DXAM since 2021 and has made a valued contribution to the delivery of DXC’s strategy and performance for investors,” said Jennifer Horrigan, chair at DXAM.
“On behalf of the DXAM Board, we would like to extend our sincere thanks to Deb and appreciate her contribution to DXC.”
Dexus chief operating officer Melanie Bourke is now set to join the board of DXAM, after 20 years at Dexus.
Meanwhile, Dexus Wholesale Property Fund has sold a last mile logistics facility to Blackstone for just over $50 million.
Located at 441 Nudgee Road in Hendra, strategically located within close proximity of Brisbane Airport, the 3.43-hectare business park boasts 15,409sqm of lettable area spanning six facilities.
27% of the sites income coming from federal government tenants, with the asset sold with a short 1.8-year WALE.
Throughout the on-market campaign, Growthpoint was eyeing the asset, raising for the Growthpoint Hendra Industrial Trust which went into due diligence at around $50.2 million.
Last month, the fund sold an industrial facility in Laverton North to PGIM and KordaMentha’s KM Property Funds for $92 million, at a premium to the valuation of $57.5 million.
