DGAP-Ad-hoc: Dexus Finance Pty Limited / Key word(s): Real Estate
Dexus Finance Pty Limited: Settlement of GIC's additional interest in DALT
01-Apr-2020 / 05:46 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*
*1 April 2020*
*Settlement of GIC's acquisition of an additional 24% interest in Dexus
Australian Logistics Trust *
Dexus today announced the settlement of the second tranche for GIC to
acquire an additional 24% interest in the Dexus Australian Logistics Trust
("DALT") core portfolio[1], increasing GIC's total investment in DALT to
49%.
The establishment of DALT was previously announced to the Australian
Securities Exchange (ASX) on 26 November 2018 and the exercise of the option
to acquire the additional 24% was announced to the ASX on 6 January 2020.
DALT is an open-ended unlisted trust with an active acquisition and
development mandate, seeded with assets from Dexus's existing industrial
portfolio and a development landbank.
The additional investment is priced at $366.1 million[2], consistent with
the 31 December 2019 independent valuations across the core Dexus industrial
portfolio.
Dexus will utilise the proceeds to further strengthen its capital position,
resulting in $1.3 billion of cash and committed undrawn debt facilities.
_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] As part of the initial joint venture, GIC acquired 25% of DALT's core
portfolio, with Dexus and GIC entering into a put and call arrangement for a
further 24% interest. GIC took an initial 49% interest in DALT's development
landbank and is funding its share of the development spend.
[2] Excludes 250 Forest Road South, Lara for which the put and call options
have been deferred to mid-FY21.
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. At December 2019, Dexus's gearing
(look-through) was 25.5% which is below the 30-40% target range with a debt
duration of 7.4 years, $1.3 billion of cash and committed undrawn bank
facilities available and minimal debt financing requirements with circa
$400m of debt maturing in late FY21. www.dexus.com
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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
01-Apr-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: 1012335
End of Announcement DGAP News Service
1012335 01-Apr-2020 CET/CEST
(END) Dow Jones Newswires
March 31, 2020 23:47 ET (03:47 GMT)
