Dexus RES Investment Team

Leadership and management expertise drawn from extensive experience

We’ve brought together several of Australia’s most talented and experienced real estate and funds management professionals to form the Dexus Real Estate Securities investment team.

The leaders of our investment team have deep experience across many cycles and markets, having led or worked for some of the largest and most successful real estate companies, both locally in Australia and globally. Their expertise spans the management of listed and unlisted assets across a robust portfolio of real estate funds, which minimises risk and increases the yield potential within Dexus's investment portfolio.

Pete Morrissey

Head of Real Estate Securities

About Pete

Pete joined Dexus Real Estate Securities (formerly APN Real Estate Securities) in 2006 and is responsible for the management of the suite of real estate securities funds. He is also the Fund Manager of the Dexus AREIT Fund and the Asian REIT Fund.

With more than 18 years of experience in financial markets, Pete brings a unique knowledge set, having completed Masters-level academic research papers on both commercial real estate cycles and global property securities.

Prior to joining Dexus, he was a senior analyst at Australian research house Lonsec, managed an internationally focused private investment fund and worked in the UK for Nomura, ING Barings and Lloyds Bank. Pete holds a Master of Commerce, a Master of Finance and is a Fellow of the Financial Services Institute of Australasia.

Mark Mazzarella,CFA

Portfolio Manager - Real Estate Securities

About Mark

Mark joined Dexus Real Estate Securities (formerly APN Real Estate Securities) team in 2014 and is responsible for the analysis and funds management of the Australian, Global and Asian REIT Funds.

Prior to joining Dexus, Mark worked for Ernst & Young as a Senior Consultant and was responsible for real estate market research, property valuation, project feasibility studies, scenario analysis, financial modelling for real estate investments, transaction due diligence and bespoke advisory engagements. Mark was accepted into the New Horizons Program which resulted in a six-month secondment to the Ernst & Young corporate finance team in Singapore.

Mark holds a Bachelor of Commerce (Finance) and a Bachelor of Property and Construction (Property) from the University of Melbourne. He is an Associate of the Australian Property Institute, a Certified Practicing Valuer and a CFA.

David Kruth

Portfolio Manager - Real Estate Securities

About David

David joined Dexus Real Estate Securities (formerly APN Real Estate Securities) in 2019 as Regional Adviser, with more than 30 years experience across North American and global real estate markets.

He worked for 15 years as CIO, Portfolio Manager and Securities Analyst in global real estate securities with both AllianceBernstein (AB) and Goldman Sachs Asset Management. David also worked for 13 years in global private equity real estate with Schroder Real Estate Associates and the Yarmouth Group (Lend Lease Real Estate Investments). He served on the Board of Directors at Rouse Properties (NYSE:RSE) from 2011 to 2016 and chaired the special committee tasked with the sale of Rouse to Brookfield Asset Management.

He is Adjunct Assistant Professor at the Columbia University Masters Program in Real Estate Development & Investment and a member of the Investment Advisory Counsel at the Ithaca College School of Business.

Cindy Effendi

Real Estate Securities Analyst

About Cindy

Cindy has a CPA with a BCom (Accounting) and a Master of Financial Management. She has over a decade of experience as an equities analyst in Australia and Indonesia having worked for ANZ, Macquarie Securities (Indonesia), CIMB Securities (Indonesia) and Diogenes Research in Melbourne.

Cindy has covered a wide range of industries including AREITs, consumer discretionary, construction and healthcare, boosting the team’s in-depth equities analysis capabilities.

Richard Stone, CFA

Real Estate Securities Analyst

About Richard

Richard joined the Dexus Real Estate Securities team (formerly APN Real Estate Securities) in 2021 and is responsible for analysing securities across Global REITs, with a current  focus on the North American markets.

Richard previously worked at the Future Fund, where he conducted investment performance analysis on a range of asset classes including Global Property and Infrastructure. Prior to that, Richard worked for Evans and Partners as an associate investment advisor, where he helped a range of institutional and private clients manage investments within their portfolios.

Richard holds a Bachelor of Science from the University of Melbourne and has also earned his CFA Charter.

Dennis Lui

Real Estate Securities Analyst

About Dennis

Dennis joined the APN Real Estate Securities team in 2022 and is tasked with securities analysis across Global REITs currently focusing on the United States market.

Before joining Dexus, Dennis worked as an investment analyst at Clockwise Capital, researching and modelling potential technology investments to maximize long-term client net worth. Dennis also completed an internship with Bank of China (International Business Division) whilst also completing his undergraduate studies.

Dennis holds a Bachelor and Master of Finance from the University of Maryland.

Vanessa Ng

Asian Investment Analyst, Real Estate Securities

About Vanessa

Vanessa joined Dexus Real Estate Securities team in 2023 and is tasked with securities analysis across Asian-Pacific region.

Before joining Dexus, Vanessa was a senior analyst at Link REIT in Hong Kong, a research executive for Chanel’s retail development team across Asia and a senior analyst for Colliers focusing on China.

Vanessa holds a Master in Property from the University of Adelaide and a Bachelor of Business Administration from the Chinese University of Hong Kong.

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