No changing course for Dexus as Darren Steinberg readies to step in

Larry SchlesingerDecember 8, 2020

Analysts have backed the appointment of Darren Steinberg as the new chief executive of listed property trust Dexus Property Group.

CLSA analyst John Kim says Steinberg is “well regarded in the investment community”.

Another analyst, Simon Wheatley from Goldman Sachs, told the Australian Financial Review the Dexus strategy was unlikely to change with Steinberg leading the company.

Steinberg will remain head of property at Colonial First State Global Asset Management until he takes up the job of Dexus CEO on March 1, 2012.

Steinberg is also national president of the Property Council of Australia.

Currend Dexus CEO Victor Hoog Antink will step down at the end of March 2012 after eight years in charge.

During this period he oversaw the expansion of business, both listed and unlisted, from $10 billion to $14 billion worth of properties under management while the company continued to outperform the A-REIT index since stapling in 2004.

His decision to step down follows shareholders voting against the Dexus remuneration report last month, which rewarded Antink with a $4.85 million pay packet.

Steinberg had been a candidate to run Centro Retail Australia, the new entity set to emerge from the restructured Centro business.

Steinberg’s successor at CFSGAM has not yet been named but a likely successor could be the group’s current head of wholesale property, Angus McNaughton.

Announcing his decision to retire, Antlink said: “Following eight years at Dexus and 30 years in the property industry, I had discussed with the Board earlier in the year my intention to retire in 2012 to pursue personal opportunities including a career as a non-executive director.

“The board and I believe now is the right time to handover to a new chief executive to lead Dexus in the next stage of growth.”

Dexus chairman Chris Beare highlighted the stapling of the individual trusts in 2004 and the repositioning of the listed group from a diversified to an office and industrial focused trust in 2007 as well as guiding the company through the GFC as among Antlink’s notable achievements while at the reigns.

Antlink also oversaw the development of the 1 Bligh Street office tower in the Sydney CBD and 123 Albert Street in the Brisbane CBD, both premium-grade office towers with six-star green star ratings.

The company has $7.5 billion worth of office towers and industrial assets on its balance sheets and $6.2 billion of funds under management for institutional investors.

Speaking at the AGM at the end of October, Antlink said the Dexus vision was to be the leading owner, manager and developer of prime CBD office space in Australia, and a major force in Australia and US west coast industrial markets.

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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