Dexus hits the road for $1b opportunistic fund; first close in April

Between its airports and poles-and-wires deals, it’s easy to forget ASX-listed Dexus’s original hunting ground is property assets.For anyone who needs a reminder, Dexus has been mailing out fund-raising documents for its Dexus Real Estate Partnership 2, which is aiming to secure $600 million to $1 billion for opportunistic bets on equity as well as debt investments.

The fund is targeting upwards of 15 per cent net equity internal rate of return over its seven-year life. The mothership will cut a $50 million cheque from its balance sheet, and open its pipeline for the new fund to take its picks. It follows DREP1, raised in 2021 and due to finish investing in November. Backers of the original fund had to wait for several months between capital calls as Dexus hunted for deals, but are expected to be rewarded with a circa 18 per cent IRR.

DREP1’s portfolio spans a repositioned healthcare asset in Queensland’s Noosaville and a special situations play at a Melbourne residential tower. Four of its investments – three in credit and one equity – are due to be paid back by the end of the year. Howes is flanked by Brad McCann, formerly the assistant portfolio manger for the Dexus Australian Logistics Trust.

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