Dexus (ASX:DXS) says GIC has increased its ownership in DALT

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.