Dexus Real Estate Partnership (DREP) series

Suitable for institutional and wholesale investors

Invest in opportunity

The DREP strategy targets unlisted Australian real estate opportunities, with the first and second funds in the series launched in 2021 and 2023 respectively.

Like DREP1, Dexus Real Estate Partnership 2 (DREP2) aims to deliver enhanced returns by investing throughout the capital structure in situations ranging from distress to growth, with DREP2 positioned and competing for investment opportunities as a provider of both capital and capability.

While DREP1 is now closed to new investment, DREP2 remains open to investment having completed its first equity raise closing in June 2024.

The DREP strategy is to identify and manage investment opportunities across all Australian real estate, leveraging the strength of Dexus’s platform.

Dexus has an extensive track record in operating enhanced return investment strategies. DREP offers direct access to Dexus’s enhanced return capabilities not otherwise available to investors.

Dexus combines platform strength and scale with an entrepreneurial approach to originate unique and timely opportunities to create value. As a specialist manager of Australian real assets, Dexus is highly attuned to the dynamics of the market with a vertically integrated platform and inhouse core skillsets across leasing, development, transactions and management – all key contributors to the success of the trading business.

Dexus is a co-investor in DREP2, providing an alignment of interest and an opportunity to benefit directly from the fund’s performance.

Key benefits of DREP2

From dislocation, opportunity arises

DREP2 aims to leverage current market conditions and invest in the most attractive risk-adjusted opportunities, regardless of sector.

Aims to deliver
enhanced returns

The Fund has a target return of 15% per annum (net equity IRR1) and can invest throughout the capital structure in situations ranging from distress to growth.  

Strong trading
track record

Dexus has a depth of enhanced return experience through a combination of reposition to sell, develop to sell and higher value use strategies.

Platform strength
and scale

 Dexus's integrated real asset platform offers core asset capital transactions and asset management expertise, supported by extensive access to market information, acquisition and leasing deal flow.

What are the key risks?

Risks specific to property include illiquidity, as well as the risks of investing in property markets. Also, risks specific to credit/debt investments, including borrower default. In addition, more general risks for the fund such as risks associated with interest rates, gearing and the cost of debt, derivatives, reliance on key service providers investment management, co-ownership of assets, property development, fluctuations in rental income, rental demand and fund/trustee termination risks.
Prospective investors should refer to the Private Placement Memorandum (which can be obtained by contacting us) and consider factors relating to investment risks. As a result of risk factors, as well as other risks inherent in any investment, an investment in the fund is not appropriate for all investors. There can be no assurance that the fund will meet its investment objective or that investors will receive a return of their capital. Prospective investors should consult with their own advisers before deciding to invest in the fund.

Open for investment - DREP2

The strategy of DREP2 is to identify and manage investment opportunities across all Australian real estate sectors, leveraging the strength of the Dexus platform.

Download flyer
Target $600m+ of equity capital commitments
Over $300m of capital commitments raised as at June 2024
15% IRR Net equity Target returns |1|

Closed for investment - DREP1

DREP1 was the first fund of the Dexus opportunistic series. Capital commitments exceeded raising target. 

$475m of equity capital commitments
90%+ % deployment as at June 2024
15% IRR Net equity Target returns |1|

Learn more about the DREP2 opportunity 


Download DREP2 Flyer


Read the DREP2 Media Release

DREP2 is structured to accommodate institutional investors, with other wholesale clients (as defined in the Corporations Act) also able to gain exposure through a Dexus-managed dedicated feeder fund.

Interested in learning more about this unique opportunity for institutional investors and wholesale clients? Submit an enquiry below and one of our investment specialists will be in touch with you.

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Important note: The opportunity to invest in DREP2 or a Dexus-managed dedicated feeder fund is only available to investors who are "wholesale clients" within the meaning of the Corporations Act 2001 (Cth). All Applicants who are not institutional investors will be required to provide proof of their wholesale client status in the form of a certificate issued by a qualified accountant within the preceding 2 years stating that they meet the prescribed gross income (A$250,000 p.a. in the previous two financial years) or net assets (A$2.5 million) level. If you are unsure, we recommend that you seek professional advice to determine whether you qualify as a “wholesale client” before making any financial investment decision. If you are not a wholesale client, please disregard this opportunity.


For more information on DREP2 please contact our team:

Head of Institutional Capital

Natalie Tan

Head of Private Capital

John Taylor

Real investments managed for real results

Investing with Dexus is an investment with one of Australasia’s leading real asset managers, offering access to a diversified real estate and infrastructure portfolio valued at $57.1 billion.

Our range of high-quality investment opportunities across our retail, institutional, and wholesale funds provide real results backed by real choice, real in-house experts, and real active management.

We're trusted by leading Australian and global institutions and investors to capitalise on market opportunities today with the aim of generating long-term investment performance for tomorrow.

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Important note

All information on this website is subject to change without notice. While every care has been taken in the preparation of this information contained in this website, to the extent permitted by law, (Dexus: DXS), each of its related body corporates and their respective director, officers and employees, do not make any representation, express or implied, as to the accuracy, currency, reliability or completeness of any statement in it including without limitation, any forecasts. This content has been prepared for the purpose of providing general information only, without taking account of any particular investor’s objectives, financial situation or needs. Investors should, before making any investment decisions, consider the appropriateness of the information on this website, and seek professional advice, having regard to their objectives, financial situation and needs. The information contained on this website should not be considered to be comprehensive or to comprise all the information which a potential investor may require in order to determine whether to invest in a Dexus fund. This content is not intended for distribution or use in any jurisdiction where it would be contrary to applicable laws, regulations or directives and does not constitute a recommendation, offer, solicitation or invitation to invest.

Photographs, artists’ impressions and details of properties contained in this document should not be interpreted as being owned by DREP2. In particular, images of DREP1 investments and other information regarding DREP1 investments have been included for illustrative purposes only.

The Core Property rating (assigned in December 2023) presented in this document has been prepared and issued by Core Property Research Pty Ltd (“Core Property”), which is an Authorised Representative ASIC number 1280479 of Core Property Research Holdings Pty Ltd (ACN 633 170 751, AFS License No. 518320) (Licensee), and trading as Core Property. Whilst the information contained in the report has been prepared with all reasonable care from sources that Core Property believes are reliable, no responsibility or liability is accepted by Core Property for any errors, omissions or misstatements however caused. Past performance information is for illustrative purposes only and is not indicative of future performance. The Core Property publication is not and should not be construed as, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information only. Neither Core Property nor the Participant is aware that any recipient intends to rely on this Report or of the manner in which a recipient intends to use it. To access the full report, please visit The rating is subject to change without notice and Core Property assumes no obligation to update the report.

1. The target return is not a guarantee, forecast or prediction. There can be no assurance that the Fund will meet its target return.

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