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Dexus Ultimately Acquires Smaller Platform Than Originally Intended in the Collimate Acquisition, Jefferies Says

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Dexus (ASX:DXS) ultimately ended up buying a vastly smaller platform than what was originally intended in its acquisition of the Collimate RE and Infra funds management platform, Jefferies said in a note on Friday.

It saw around AU$9 billion in assets under management leave Collimate before settling, falling to AU$18.4 billion, and this remains the key risk to the platform post-APAC.

Jefferies estimated Dexus' all-in cost of acquiring the Collimate funds management business, initial consideration paid for pooled fund co-investment stakes, and subsequent co-investments into infra pooled funds is around AU$642 million.

The investment firm has a hold rating on Dexus with a AU$6.07 per share price target.

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