The open-ended Dexus Wholesale Property Fund (DWPF) has raised more than A$600m (鈧�368m) in fresh equity from institutional investors, including a large Australian superannuation fund.
Fund manager Dexus said the unnamed industry fund has allocated A$500m to the Australian property fund.
Dexus said the commitment represents the first investment through a capital partnership with the superannuation fund. The remaining A$100m was secured from a combination of existing and new institutional investors.
The A$12.7bn DWPF, owns stakes in blue-chip Sydney office towers 鈥� Quay Quarter Precinct, Gateway and 25 Martin Place. It also has a stake in the Indooroopilly Shopping Centre in Brisbane.
Ross Du Vernet, Dexus CEO, said: 鈥淒exus is growing our funds management business through a focus on delivering outperformance and selectively expanding new and existing relationships. This is a key plank of our strategy to build a diversified, capital-efficient business where our strong balance sheet is enhanced with a growing share of earnings from managing real assets and capital for our partners.鈥�
Du Vernet told analysts during the company鈥檚 half-year results call that the company is planning a new office fund.
It is believed that the assets earmarked for the new trust will include interest in office buildings and Atlassian Central, a 39-storey hybrid timber tower, currently under construction in Sydney, and said to be the tallest building of its kind in the world.
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