Dexus flags 0.4% portfolio growth, Australia Pacific Airports Corporation hearing extended
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The news: Asset manager Dexus has announced growth in its portfolio value, according to draft external independent valuations.
It has also announced a rescheduling of the court hearing to determine if Dexus breached its Australia Pacific Airports Corporation shareholder obligations.
The numbers: Dexus told the exchange that draft external independent valuations of all 177 of its assets estimated an increase in value of $55 million or 0.4% in the six months to 30 June 2025.
The value of the office portfolio increased by about 0.3% and the industrial portfolio increased by about 0.9%.
The office portfolio increase was driven by market rental growth, partly offset by marginally higher capitalisation rates and discount rates. The industrial portfolio increase was driven by rental growth and slightly lower discount rates offset by higher capitalisation rates.
Over the same period, the weighted average capitalisation rate across the total stabilised portfolio rose from 6.02% to 6.03%.
Dexus also announced an estimated distribution of 18 cents per security for the six months to 30 June 2025. Actual distributions and finalised valuations will be announced in Dexus’ FY25 results on 20 August.
At 1:18pm AEST shares in Dexus had lifted 0.7% to $6.92.
The context: Dexus announced the rescheduling of a New South Wales Supreme Court hearing on the validity of a notice sent by the Australia Pacific Airports Corporation (APAC) to Dexus claiming it breached the shareholders’ deed in relation to a bloc sale process.
The hearing has been pushed back from between 11-14 August to the later period of 10-21 November and the court has made orders for “discovery of documents, serving evidence and holding mediation by 3 November 2025”.
This follows an amended pleading lodged by Dexus Bloc shareholders and cross-claims by other Dexus Bloc shareholders that allege the APAC notice was invalidly issued, is unfair and breaches the Corporations Act.
The cross-claims also allege that APAC breached the shareholders deed by issuing the notice.
The source: ASX
