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BRIEF-Dexus Establishes JV With GIC For Wholesale Logistics Trust

Published 26/11/2018, 09:17 am
Updated 26/11/2018, 09:20 am
© Reuters.  BRIEF-Dexus Establishes JV With GIC For Wholesale Logistics Trust

Nov 26 (Reuters) - Dexus DXS.AX :

* ANNOUNCES ESTABLISHMENT OF A NEW CIRCA $2 BILLION UNLISTED TRUST WITH GIC

* TRUST WILL INVEST IN AUSTRALIAN LOGISTICS PROPERTIES

* TRANSACTION IS EXPECTED TO HAVE AN IMMATERIAL IMPACT ON DEXUS'S AFFO AND DISTRIBUTION PER SECURITY IN FY19

* NEW UNLISTED VEHICLE TO BE KNOWN AS DEXUS AUSTRALIAN LOGISTICS TRUST

* MAINTAINS ITS MARKET GUIDANCE FOR FY19 OF DISTRIBUTION PER SECURITY GROWTH OF CIRCA 5%

* JV WILL BE HAVE ASSETS FROM DEXUS'S EXISTING INDUSTRIAL PORTFOLIO WITH $1.4 BILLION OF CORE LOGISTICS PROPERTIES & $138 MILLION DEVELOPMENT LANDBANK

* DEXUS'S THIRD PARTY ASSETS UNDER MANAGEMENT WILL INCREASE TO $14.3 BILLION

* GIC WILL TAKE A 49% INTEREST IN THE DEVELOPMENT LANDBANK AND FUND ITS SHARE OF DEVELOPMENT SPEND

* IN ITS DIRECT PORTFOLIO, DEXUS WILL RETAIN ITS EXISTING INTERESTS IN SEVEN INDUSTRIAL ASSETS VALUED AT $611 MILLION Source ( https://reut.rs/2AjTcpa) Further company coverage: DXS.AX

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