Good acquisition on Dexus part.
APN was the cheapest property asset manager out of all the majors (Charter Hall, Primewest, Centuria, etc.) on key metrics such as FUM for every $ in market cap and P/FFO and very very low gearing (<10%) unlike some out there.
Unfortunately, I didn't accumulate a large enough position quick enough for this acquisition to move the needle in my portfolio.
Ann: DXS: Acquisition of APN to further strengthen Funds business, page-4
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