GIC invests in Dexus’ $2 billion industrial fund

Dexus has announced that it will partner with Singaporean sovereign wealth fund GIC to create a $2 billion unlisted logistics property trust. The Dexus Australian Logistics Trust (DALT), will be an open-ended trust with a mandate of active acquisition and development and will be seeded by existing industrial assets from Dexus. Subject to FIRB approval, GIC will take an initial 2% investment in the core portfolio, with options to increase to 49% by June 2019.

This expansion continues to reinforce Dexus’ strategy to expand its funds management platform having launched an unlisted $760M healthcare property fund with Adelaide based developer Commercial & General more than a year ago. This brings third party assets under management to $14.3B.

For GIC, the partnership marks the continued confidence in the long-term potential of Australia’s property market. Back in August, GIC partnered up with Canada’s NorthWest Healthcare Properties REIT to establish a $2B trust of Australian healthcare assets.