GIC increases its ownership in Dexus Australian Logistics Trust
Dexus announces that on 23 December 2019 the second tranche rights were exercised for GIC to acquire an additional 24% interest in the Dexus Australian Logistics Trust (“DALT”) core portfolio1, increasing GIC’s total investment in DALT to 49%.
The establishment of DALT was previously announced to the Australian Securities Exchange on 26 November 2018. 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 million2, consistent with the estimated 31 December 2019 independent valuations across the core portfolio.
Settlement is expected to occur on 1 April 2020, with proceeds from the sale initially being used to reduce debt and provide capacity for future funding commitments, including Dexus’s development pipeline.
Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited.