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    ADI   AU0000039711

DEXUS INDUSTRIA REIT

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APN Industria REIT : Australia's Dexus teams up with APN to buy Perth's Jandakot Airport

09/22/2021 | 08:50pm EDT

Sept 23 (Reuters) - Australian real-estate firm Dexus teamed up with APN Industria REIT 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) (Reporting by Arundhati Dutta in Bengaluru, Editing by Sherry Jacob-Phillips and Ramakrishnan M.)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DEXUS -0.37% 10.68 End-of-day quote.13.62%
DEXUS INDUSTRIA REIT -1.17% 3.39 End-of-day quote.18.12%
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More news
Financials
Sales 2022 64,5 M 48,3 M 48,3 M
Net income 2022 - - -
Net Debt 2022 402 M 301 M 301 M
P/E ratio 2022 -
Yield 2022 5,13%
Capitalization 835 M 627 M 625 M
EV / Sales 2022 19,2x
EV / Sales 2023 18,0x
Nbr of Employees -
Free-Float 98,3%
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Mean consensus HOLD
Number of Analysts 4
Last Close Price 3,39 AUD
Average target price 3,67 AUD
Spread / Average Target 8,11%
EPS Revisions
Managers and Directors
Joseph de Rango Chief Financial Officer
Geoffrey Norman Brunsdon Independent Non-Executive Chairman
Chantal Churchill Secretary, Head-Risk & Compliance
Michael Francis Johnstone Independent Director
Jennifer Anne Horrigan Independent Director
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