30 November 2018
Settlement of seed portfolio for JV with GIC
Dexus today announced the settlement of the seed portfolio of logistics properties for the Joint Venture with GIC to form the Dexus Australian Logistics Trust (“DALT” or “Joint Venture”).
The initial portfolio comprises $1.4 billion of core logistic properties1 and ownership interests in a $138 million development landbank2 located in South Granville (settled November 2018), Ravenhall3 (settlement is expected to occur in two tranches in December 2018 and August 2019) and Richlands (expected to settle in December 2018).
Details relating to the transaction were previously announced to the Australian Securities Exchange (ASX) on 26 November 2018.
Proceeds from the sale will initially be used to reduce debt and provide capacity for future funding commitments, including Dexus’s growing development pipeline.
1 GIC will initially take a 25% interest in the core portfolio and Dexus will hold the remaining 75% interest.
2 GIC will take a 49% interest in the development landbank portfolio and Dexus will hold the remaining 51% interest.
3 Dexus Wholesale Property Fund owns a 50% interest in Ravenhall.