Dexus (ASX:DXS) entered into a binding Scheme Implementation Deed to acquire APN Property Group Limited (ASX:APD) for approximately AUD 320 million on May 11, 2021. Under the terms, Dexus will pay AUD 0.915 per share less the cash amount of any distribution that is declared by APN on or after May 11, 2021 and prior to September 30, 2021, up to AUD 0.015 per share. As on June 11, 2021, Offer price is AUD 0.9 per share as a result of cash distribution by APN. There is a break and reverse break fee of AUD 3 million. The Proposal is subject to approval by APN securityholders as well as other conditions including obtaining court approval and judicial advice in relation to the Proposal, no court or other government agency-ordered restraints, no material adverse change or prescribed occurrence in APN, Independent expert does not change its opinion, regulatory approvals and other customary conditions. Directors of APN unanimously recommend that APN securityholders vote in favor of the Proposal. Transaction is expected to complete in early August 2021. Dexus expects that on completion of the transaction in FY22 it will be immediately accretive to its Adjusted Funds From Operations (AFFO) per security. As of June 15, 2021, Supreme Court of Victoria Supreme Court of Victoria approves dispatch of the Scheme Booklet, convening of Scheme Meetings and provided the first judicial advice. The second Court hearing which is scheduled to be held on August 4, 2021. As of July 27, 2021, APN Property held the APN Property Group Scheme Meeting and APD Trust Scheme Meeting and announce that all of the resolutions were passed. On August 4, 2021, the transaction was approved by the Supreme Court of Victoria. The scheme becomes effective after the approval. Scheme record date will be August 6, 2021, APN Property will receive 90% consideration. The consideration is expected to be paid on August 13, 2021. Dexus has appointed Macquarie Capital as financial adviser and King & Wood Mallesons as legal adviser. APN has appointed KPMG Corporate Finance as the Independent Expert, Grant Samuel as financial advisor and Gilbert + Tobin as legal advisor. Link Market Services Limited acted as a registrar to APN Property.

Dexus (ASX:DXS) completed the acquisition of APN Property Group Limited (ASX:APD) on August 13, 2021. APD will apply to be removed from the official list of the Australian Securities Exchange (“ASX”) with effect from close of trading on August 17, 2021.