Settlement of GICs additional interest in DALT

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 , 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 , 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.

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.

Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited.