26 Jun 2023

New Wholesale Airport Fund oversubscribed

New Wholesale Airport Fund oversubscribed

Dexus today announced the launch of its new Wholesale Airport Fund1 (WAF) following a successful capital raise, exceeding its target of $130 million. The fund owns a 1% investment in Australia Pacific Airports Corporation (APAC), the unlisted holding company of Melbourne Airport and Launceston Airport.

The additional funds raised provide WAF with capacity for further potential acquisitions to grow its stake in APAC. It is the first fund Dexus has brought to market since first completion of the acquisition of AMP Capital’s domestic real estate and infrastructure businesses.

Dexus CEO, Darren Steinberg said: “WAF offers a rare opportunity for wholesale investors to obtain exposure to a key piece of privately owned infrastructure, which up until now had been tightly held by institutional clients. The equity raise highlights strong wholesale investor interest in high-quality real assets.”

Melbourne Airport has one of the world’s largest airport land holdings across a 2,741 hectare site, servicing 39 million passengers annually and operates without a curfew. Its commercial revenues are derived from a range of ground transport, retail and other property activities.

Melbourne is forecast to become Australia’s largest city by 2031-32 with 77 million passengers expected to pass through by 2042. A planned third runway, future terminal development, land access upgrades and ongoing property development represent medium term opportunities of scale.



  1. The trustee of WAF is AMP Investment Services Limited, a Dexus Group member. WAF is managed by AMP Capital Investors Limited.


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