DGAP-Ad-hoc: Dexus Finance Pty Limited / Key word(s): Real Estate
Dexus Finance Pty Limited: Transition of Australian Mandate
03-March-2020 / 23:53 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation
(EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
*Dexus (ASX: DXS)*
*ASX release*
*4 March 2020*
*Transition of Australian Mandate*
Dexus advises it will cease the management of the Australian Mandate,
comprising a $1.6 billion property portfolio from 30 June 2020.
The diversified Australian Mandate comprises properties managed by Dexus on
behalf of NSW Treasury Corporation ("TCorp") for more than 30 years, and
TCorp remains a long-term investor on the platform via other vehicles.
The Australian Mandate has achieved outperformance versus benchmark over 1,
3, 5, 7 and 10 years[1].
Dexus's funds management business has achieved significant growth since FY12
and has recently attracted new like-minded partners such as GIC and M&G Real
Estate to invest alongside through the cycle.
There are currently several opportunities in the pipeline for Dexus to
onboard investors with open investment periods and growth strategies.
The transition of the Australian Mandate is expected to have no impact on
either Dexus's Adjusted Funds From Operations or distribution per security
in FY20, with market guidance[2] of distribution per security growth
maintained at circa 5.5% for the 12 months ended 30 June 2020.
_Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus
Funds Management Limited._
*For further information please contact:*
*Investors * *Media *
Jessica Johns Louise Murray
Senior Manager, Investor Senior Manager, Corporate
Relations Communications
+61 2 9017 1368 +61 2 9017 1446
+61 427 706 994 +61 403 260 754
jessica.johns@dexus.com louise.murray@dexus.com
[1] MSCI Benchmark as at 31 December 2019.
[2] Barring unforeseen circumstances, guidance is supported by the following
assumptions: Impacts of announced divestments and acquisitions; FFO per
security growth of circa 4%, underlying FFO per security growth of circa 4%,
underpinned by Dexus office portfolio like-for-like income growth of
4.5-5.5%, Dexus industrial portfolio like-for-like income growth (excluding
one-offs) of 3-4%, management operations FFO of circa $60 million, cost of
debt of mid-3%; trading profits of $35-45 million net of tax; maintenance
capex, cash incentives, leasing costs and rent free incentives of $170-180
million; and excluding any further transactions.
Information and Explanation of the Issuer to this News:
*About Dexus*
Dexus is one of Australia's leading real estate groups, proudly managing a
high-quality Australian property portfolio valued at $33.8 billion. We
believe that the strength and quality of our relationships is central to our
success and are deeply committed to working with our customers to provide
spaces that engage and inspire. We invest only in Australia and directly own
$16.8 billion of properties, with a further $17.0 billion of properties
managed on behalf of third party clients. The group's $11.2 billion
development pipeline provides the opportunity to grow both portfolios and
enhance future returns. With 1.8 million square metres of office workspace
across 55 properties, we are Australia's preferred office partner. Dexus is
a Top 50 entity by market capitalisation listed on the Australian Securities
Exchange (trading code: DXS) and is supported by 27,000 investors from 20
countries. With 35 years of expertise in property investment, development
and asset management, we have a proven track record in capital and risk
management, providing service excellence to tenants and delivering superior
risk-adjusted returns for investors. www.dexus.com
*Download the Dexus IR app*
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Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible
Entity for Dexus (ASX: DXS), Level 25, 264 George Street, Sydney NSW 2000
03-March-2020 CET/CEST The DGAP Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Dexus Finance Pty Limited
264 George Street
2193 Sydney
Australia
Phone: +61 2 9017 1100
Fax: +61 2 9017 1101
E-mail: ir@dexus.com
Internet: www.dexus.com
ISIN: XS1961891220
WKN: A2RZHG
Listed: Regulated Unofficial Market in Frankfurt
EQS News ID: 989107
End of Announcement DGAP News Service
989107 03-March-2020 CET/CEST
(END) Dow Jones Newswires
March 03, 2020 17:53 ET (22:53 GMT)
