Real estate group Dexus (ASX:DXS)
will end the management of the Australian Mandate, comprising a $1.6 billion property portfolio from 30 June 2020.
The diversified Australian Mandate comprises properties managed by Dexus on behalf of NSW Treasury Corporation for more than 30 years, and TCorp remains a long-term investor on the platform via other vehicles.
The transition of the Australian Mandate is expected to have no impact on either Dexus's Adjusted Funds From Operations or distribution per security in FY20.
Shares in Dexus (ASX:DXS)
are trading 1.22 per cent lower at $12.19.