A trust run by property group DEXUS (ASX:DXS) has failed in a bid to overturn a court decision which would force it to sell a half-interest in Sydney's landmark Macquarie Centre to the superannuation funds that co-own the mall. The company's shopping centre fund had appealed a NSW Supreme Court decision made last year which would compel the sale of its half-interest in the $1.6 billion property to superannuation fund heavyweights UniSuper and Cbus Property. The court loss effectively takes a major chunk out of the Dexus fund as it must sell the stake - worth about $830 million - to the super funds, which have handed the management of their interests to rival property company GPT.
The move to appeal the original court decision was made by the independent directors of the Dexus Wholesale Shopping Centre Fund, which runs independently of the property company. A Dexus spokesman said the fund would work with the co-owners on handing over control of the centre. "We acknowledge the Supreme Court's decision and will work constructively with the other co-owner to ensure an orderly transition.
The responsible entity and management team of DWSF remain committed to ensuring the best possible outcome for DWSF investors as a whole," he said. GPT declined to comment.
