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.
- 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.
- 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.