Dexus (ASX:DXS) says the second tranche rights were exercised for Singapore’s GIC to acquire an additional 24 per cent interest in the Dexus Australian Logistics Trust core portfolio.
This would increase GIC’s total investment in DALT to 49 per cent.
DALT is an open-ended unlisted trust with an active acquisition and development mandate, seeded with assets from Dexus’s existing industrial portfolio and a development landbank.
The additional investment is priced at $366.1 million, consistent with the estimated 31 December 2019 independent valuations across the core portfolio. Settlement is expected to occur on 1 April 2020.
Shares in Dexus (ASX:DXS) trading 0.2 per cent lower at $11.89.