The $6bn real estate investment trust pushed into infrastructure by acquiring Collimate Capital, formerly AMP Capital’s local real estate and infrastructure arm, in a bid to become a diversified funds manager. That deal was pitched as a coming-of-age step, elevating Dexus from pure property player to broader asset manager.
Three years later, legal and market pressure is building around a key holding.
A ruling from the NSW Supreme Court on Friday validated a default notice that could ultimately force Dexus to sell its stake in Australia Pacific Airports Corporation.
APAC owns Melbourne Airport and Launceston Airport, two of the country’s most strategically important gateways. The Dexus-controlled interest in APAC is estimated at between $4bn and $4.5bn, making it one of the crown jewels of its infrastructure push.
Losing control or being forced to exit would materially reshape the economics of the Collimate Capital acquisition.
Investors reacted quickly, marking Dexus shares down almost 7% to $5.54 following the court decision. The sharp fall shows how central the APAC holding has become to perceptions of Dexus’s future growth as an infrastructure-aligned manager.
Market observers say the dispute is now a real test of whether the trust’s diversification drive can withstand legal setbacks tied to its largest non-property asset. How Dexus navigates any forced sale process and the valuation it secures is likely to shape confidence in the entire infrastructure expansion strategy.
