Dexus Wholesale secures $290 million new equity from State Super Financial Services

DEXUS Wholesale Property Fund (DWPF) has confirmed that it has secured a new major investor, through the receipt of $290 million of new equity from State Super Financial Services (SSFS).

DWPF fund manager Graham Pearson says the fund has over the past three years raised $1.7 billion from domestic and offshore investors.

The fund has applied the capital over the three years to $675 million of acquisitions and $125 million of developments along with facilitating unitholder liquidity requirements.

The capital secured from SSFS will be used to pay down existing debt facilities reducing the fund’s gearing to 11%, ahead of investing in further opportunities.

The fund’s most recent acquisition was a 50% interest in 12 Creek Street, Brisbane. It has also committed to the redevelopment at Westfield West Lakes Shopping Centre in Adelaide.