Dexus to end management of $1.6 billion Australian Mandate portfolio

Dexus to end management of $1.6 billion Australian Mandate portfolio
Staff reporterMarch 4, 2020

Dexus advises it will cease the management of the Australian Mandate, comprising a $1.6 billion property portfolio from June 30, 2020.

The diversified Australian Mandate comprises properties managed by Dexus on behalf of NSW Treasury Corporation (“TCorp”) for more than 30 years, and TCorp remains a long-term investor on the platform via other vehicles.

The Australian Mandate has achieved outperformance versus benchmark over 1, 3, 5, 7 and 10 years as at December 31, 2019.

Dexus’s funds management business has achieved significant growth since FY12 and has recently attracted new like-minded partners such as GIC and M&G Real Estate to invest alongside through the cycle.

There are currently several opportunities in the pipeline for Dexus to onboard investors with open investment periods and growth strategies.

The transition of the Australian Mandate is expected to have no impact on either Dexus's Adjusted Funds From Operations or distribution per security in FY20, with market guidance of distribution per security growth maintained at circa 5.5 per cent for the 12 months ended June 30, 2020.

Editor's Picks

TOGA installs first tower crane at Macquarie Rise as construction gathers pace
Olympic infrastructure fuels residential boom in Maroochydore City Centre
Australian Federal Election 2025: How Labor and Liberal plan to fix the housing crisis
First certified Passivhaus homes in Australia complete in Hawthorn
Figurehead covers stamp duty at Osprey Safety Beach in pre-Easter sales offer