Dexus considers appealing failed bid to stop forced sale of $4.5b Melbourne Airport stake
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The news: Dexus is “considering grounds of appeal that may be available” after the NSW Supreme Court ruled it must sell a $4.5 billion stake in Melbourne and Launceston Airports, following an order spearheaded by infrastructure fund manager IFM Investors and backed major superannuation funds.
The numbers: Dexus held a 27.32% interest in Australian Pacific Airports Corporation Limited on behalf of a number of shareholders, including REST Super, which is reportedly valued at between $4 billion and $4.5 billion.
The context: An initial process to sell a 9.7% of the Dexus bloc shares was undertaken in late-2024, but other co-investors later alleged the process breached legal duties to them.
A default notice was subsequently issued to Dexus to force them to sell their entire holding to the other co-investors at an assessed fair market value. The NSW Supreme Court upheld that notice on Friday morning after Dexus sought to invalidate it.
In an announcement to the exchange on Friday afternoon, Dexus said it was “reviewing the judgment carefully to understand the Court’s findings and their implications and are considering grounds of appeal that may be available”.
The source: ASX
