(Adds Dexus CEO quote, details)
Sept 23 (Reuters) - Australian real-estate firm Dexus (DXS) teamed up with APN Industria REIT (ADI) on Thursday to buy Perth's Jandakot Airport for A$1.3 billion ($939.90 million), as it looks to venture out of the fund management business.
Dexus will take a 66.7% stake in the airport, with APN taking the remaining 33.3%. The companies will also spend an additional A$200 million on other industrial properties including two logistics facilities in Victoria and New South Wales.
"The acquisitions will provide our industrial business with a meaningful footprint in Western Australia...across the group, the industrial portfolio is expected to grow to A$11.3 billion post completion," Dexus CEO Darren Steinberg said in a statement.
To fund the deals, APN will raise A$350 million through a placement, from which Dexus will take up A$40 million. The issue price of A$3.45 per share represents a 7.8% discount to APN's last close.
The acquisitions are expected to be accretive to both companies' funds from operations in fiscal 2022.
($1 = 1.3831 Australian dollars)
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Last
$7.30 |
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| Open | High | Low | Value | Volume |
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