DEXUS Property Group has settled on the new joint venture transaction with the National Pension Service of Korea, who was advised by real estate investment manager Heitman.
The initial portfolio, valued at $360 million, includes 50% ownership of 13 industrial properties at three DEXUS industrial estates; Quarry in Greystanes, New South Wales, Laverton Industrial Estate, Victoria and the Target facility Altona, VIC.
DEXUS Property Group CEO Darren Steinberg said the JV is the start of a long-term capital partnership with one of the world’s largest pension funds.
“The NPS partnership has the potential to more than double over a five year period, with NPS having the exclusive option to partner in 50% of the future development pipeline at the Quarry and Laverton at the prevailing market value.
“In addition to securing a capital partner for future development at these estates, the partnership provides an enhanced return on equity for Dexus investors through fee income at the property and partnership level and further diversifies our capital sources,” Steinberg concluded.
Property Review
