10 Dec 2021

New investor secured for Dexus Australian Logistics Trust

10 December 2021

New investor secured for Dexus Australian Logistics Trust

Dexus today announced that Blackstone’s Core+ Real Estate strategy in Asia has signed a binding agreement to acquire GIC’s 49% joint venture interest in the Dexus Australian Logistics Trust (“DALT Partnership”).

The 49% interest has been acquired as a result of an unsolicited proposal by Blackstone with the existing management arrangements for DALT remaining unchanged.

Blackstone’s Core+ strategies focus on logistics, residential, office, life science office, and retail assets in global gateway cities.

The DALT Partnership was established in November 2018 and seeded with 55 assets from the Dexus industrial portfolio (with GIC acquiring an initial 25% interest) comprising core logistics properties and a development landbank. Since its establishment, DALT has grown through GIC’s acquisition of an additional 24% interest in the DALT portfolio, external acquisitions and the build out of the development pipeline to currently have exposure to 77 assets.

The portfolio features a circa 90% exposure to the strong performing Sydney and Melbourne markets and is weighted to traditional logistics facilities, which are leveraged to the growth of e-commerce.

Darren Steinberg, Dexus CEO, said: “We are pleased to have worked with GIC to grow this high-quality portfolio. This new relationship provides a stable long-term source of capital to invest alongside us. We welcome Blackstone onto our platform and look forward to continuing to drive the Partnership’s strong performance.”

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



Rowena Causley

Head of Listed Investor Relations

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