Dexus : raises $220m in new equity for its healthcare fund

Dexus

Media Release

24 July 2023

Dexus raises $220m in new equity for its healthcare fund

Dexus today announced it had successfully raised $220 million for its healthcare real estate fund, Dexus Healthcare Property Fund (DHPF).

DHPF's equity raise was fully subscribed, with existing investors accounting for circa 65% of the new capital. The fund has a diversified register and has raised $1.3 billion from 16 institutional investors since its inception in December 2017. The equity raise highlights strong investor interest in the fund's high quality healthcare portfolio and places DHPF in a strong position to pursue further acquisitions.

Dexus Executive General Manager Funds Management, Deborah Coakley said: "This successful equity raise confirms investor interest in high quality healthcare investments remains elevated. We are committed to continuing to unlock healthcare investment opportunities for our investors."

DHPF Fund Manager, Jemma Maddick said: "DHPF resonates strongly with investors looking to capitalise on sector tailwinds via a high quality portfolio, while leveraging the Dexus platform to grow the fund and deliver performance for our investors."

DHPF has delivered strong returns since inception, delivering a five-year fund return (post fees) of 13.6% to 31 March 2023, outperforming the comparable MSCI benchmark return of 12.4%.

DHPF recently acquired a 9.95% interest in Celsus Holding Pty Ltd (Celsus), the consortium that manages and maintains the Royal Adelaide Hospital alongside Dexus Community Infrastructure Fund and Dexus Core Infrastructure Fund, further diversifying the fund's investments to include a Public-Private Partnership.

DHPF is an open-ended unlisted property fund providing wholesale clients with a high-quality healthcare property portfolio. It has approximately $1.8 billion of properties (estimated on completion value at 30 June 2023) comprising unique, large-scale assets offering secure income profiles, anchored by well-credentialled healthcare operators.

-ENDS-

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About Dexus

Dexus (ASX: DXS) is one of Australia's leading fully integrated real asset groups, managing a high-quality Australasian real estate and infrastructure portfolio valued at $62.3 billion (pro forma post final completion of the AMP Capital acquisition). We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We directly own $17.8 billion of office and industrial assets and investments. We manage a further $44.5 billion of investments in our funds management business (pro forma post final completion of the AMP Capital acquisition) which provides third party capital with exposure to quality sector specific and diversified real asset products. The funds within this business have a strong track record of delivering outperformance and benefit from Dexus's capabilities. The group's $15.8 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. We consider sustainability (ESG) to be an integral part of our business with the objectives of Leading Cities, Future Enabled Customers, Strong Communities, Thriving People and an Enriched Environment supporting our overarching goal of Sustained Value. Dexus is listed on the Australian Securities Exchange and is supported by more than 31,000 investors from 23 countries. With over 35 years of expertise in property investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering superior risk-adjusted returns for investors. www.dexus.com

Dexus Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for Dexus (ASX: DXS)

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