Dexus Wholesale secures $290 million new equity from State Super Financial Services
DEXUS Wholesale Property Fund (DWPF) has confirmed that it has secured a new major investor, through the receipt of $290 million of new equity from State Super Financial Services (SSFS).
DWPF fund manager Graham Pearson says the fund has over the past three years raised $1.7 billion from domestic and offshore investors.
The fund has applied the capital over the three years to $675 million of acquisitions and $125 million of developments along with facilitating unitholder liquidity requirements.
The capital secured from SSFS will be used to pay down existing debt facilities reducing the fund’s gearing to 11%, ahead of investing in further opportunities.
The fund’s most recent acquisition was a 50% interest in 12 Creek Street, Brisbane. It has also committed to the redevelopment at Westfield West Lakes Shopping Centre in Adelaide.
DWPF acquisitions and developments over the past three years Date | Property | Cost1 |
Sep 2010 | 93 Williamson Road, Ingleburn | $24m |
Nov 2010 | Portfolio of 13 industrial properties | $232m |
Jul 2011 | 1 Bligh Street, Sydney development (33.3% interest) | $125m2 |
Nov 2011 | Sir Joseph Banks Corporate Park, Botany | $77m |
Nov 2011 | 452 Flinders Street, Melbourne | $201m |
Dec 2011 | 34 Manton Street, Morningside | $20m |
Oct 2012 | 12 Creek Street, Brisbane (50% interest) | $121m |
