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13 stories mentioning ASX:DXSUpdated 4d ago

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Asia

Dexus Says Court Dissolves Injunctions, Forced Sale of Bloc Shares to Proceed

Dexus (ASX:DXS) said a court has made orders dissolving injunctions previously referenced in its May 29 disclosure, meaning the forced sale process of the Dexus Bloc shares will continue, and its governance, board appointment, voting, and information rights are now suspended, subject to the determination of any appeal, according to a Friday Australian bourse filing.On May 16, 2025, Australia Pacific Airports (APAC) accused Dexus of breaching confidentiality obligations during a sale process involving stakes in Melbourne and Launceston Airports. Dexus was appointed in 2024 to lead the sale on behalf of certain shareholders.Dexus said that the senior counsel for one of the non-Dexus Bloc shareholders identified various risks and practical difficulties with proceeding with the forced sale process for the potential determination of any appeal, the filing added.Dexus Bloc shareholders are open to approaching the NSW Court of Appeal to apply for any appeal until June 26, or to otherwise reach an agreement with APAC and the non-Dexus Bloc shareholders on satisfactory undertakings pending any appeal, it added.The company's shares rose 1% in recent Friday trade.

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Asia

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

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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Asia

Dexus Can Appeal Court Ruling in APAC Case by June 22

Dexus (ASX:DXS) shareholders can appeal to the New South Wales Court of Appeal before June 22, following its loss in a court bid to block the sale of its stake in Melbourne Airport last month, according to a Friday filing with the Australian bourse.The New South Wales Supreme Court ruled that the real estate investment firm had breached confidentiality agreements with Australia Pacific Airports, which owns Melbourne's Tullamarine airport and the Launceston airport in Tasmania. Dexus holds roughly a 27.3% stake in Australia Pacific Airports.Dexus has agreed to cover the legal costs of the Dexus Bloc shareholders in relation to the appeal.The company has also launched a strategic review of its infrastructure funds that came in from its 2023 acquisition of AMP Capital's real estate and infrastructure platform.

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Asia

Jarden Adjusts Dexus' Price Target to AU$6.40 from AU$6.94, Keeps at Neutral

Dexus (ASX:DXS) has an average rating of hold and mean price target of AU$6.76, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

ASX:DXS
Asia

Market Chatter: Dexus to See Limited Balance Sheet Impact From Court Ruling on Melbourne Airport, Citigroup Says

Dexus (ASX:DXS) will see only a limited direct impact to its balance sheet from a New South Wales Supreme Court ruling that triggers a compulsory sale process for its stake in Melbourne Airport at market value, Citigroup said in a note, the Australian Financial Review reported Monday.The court on Friday ruled that the company was in violation of confidentiality agreements and must dispose of the interest. Dexus holds a roughly 27.3% stake in Australia Pacific Airports, which owns Melbourne's Tullamarine airport and the Launceston airport in Tasmania.Citi analyst Penny Howard said the investment is housed within Dexus' funds management platform and is excluded from net tangible asset calculations, which mitigates the balance sheet impact, according to the report."While near-term sentiment is likely to remain negative, a final resolution of the APAC matter - whether through appeal or a negotiated outcome - would represent a meaningful step forward for investors seeking a recovery and sustainable earnings growth trajectory in the medium term," AFR quoted Howard as saying.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Australian Shares Jump on Ceasefire Extension Reports; Dexus Must Sell Melbourne Airport Stake, Court Rules

Australian shares closed the week higher on Friday after media reports that said the US and Iran had agreed to extend the ceasefire in the Middle East.The S&P/ASX 200 Index jumped 1.62%, or 138.80 points, to close at 8,731.70.The US and Iran reached ​an agreement to extend a ceasefire and lift restrictions on shipping through the Strait of Hormuz, Reuters reported on Friday, citing sources. However, US President Donald Trump has yet to approve the deal, and Iranian state media said it had not yet been finalized.Brent crude oil futures plunged to around $92 per barrel. The S&P 500 rose 0.6%, and the Nasdaq climbed 0.9% on Thursday, setting fresh record highs.On the domestic front, Australian small and medium enterprises in digitized industries such as finance, property, and business services are using artificial intelligence at two to three times the rate of manufacturing, transport, and retail sectors, according to a report by National Australia Bank. The bank said about 15% of jobs in Australia are highly or significantly exposed to AI.In company news, Dexus (ASX:DXS) lost its court bid to block the sale of its stake in Melbourne Airport, as the New South Wales Supreme Court ruled that the company was in violation of confidentiality agreements and must dispose of the interest. The company holds a roughly 27.3% stake in Australia Pacific Airports, which owns Melbourne's Tullamarine airport and the Launceston airport in Tasmania.Worley (ASX:WOR) is considering a potential appeal of an Australian Federal Court decision to uphold a shareholder class action lawsuit related to financial guidance. The court on Thursday ruled that the company misled investors when it issued 2013 earnings guidance, upholding an earlier appeal filed by the shareholders, and ordered Worley to pay the applicant's legal costs.ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said ANZ Bank New Zealand filed an appeal in the Court of Appeal on Friday against the High Court of New Zealand's judgment against the bank in class action proceedings. The High Court ruled that ANZ Bank New Zealand breached the Credit Contracts and Consumer Finance Act 2003 in class action proceedings served in September 2021.

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Asia

Dexus' Share Price Expected to Come under Material Pressure after New South Wales Court Ruling, Jefferies Says

Dexus's (ASX:DXS) share price is expected to come under material pressure after it may be forced to sell its entire 27.3% stake in Australia Pacific Airports, which owns Melbourne's Tullamarine airport and the Launceston airport in Tasmania, at "fair market value" after a court ruling, Jefferies said in a note on Friday.Dexus was found to have "committed a material irremediable Breach" against the shareholders' agreement by the New South Wales Supreme Court.Jefferies estimated Dexus' 27.3% stake in Australia Pacific Airports represents around 10% of external assets under management and accounts for around AU$15 million of annual fee revenues.The investment firm assigned a hold rating and a price target of AU$6.07 per share to Dexus.

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Asia

Dexus Must Sell Melbourne Airport Stake After Confidentiality Breach, New South Wales Supreme Court Rules

Dexus (ASX:DXS) on Friday lost its court bid to block the sale of its stake in Melbourne Airport, as the New South Wales Supreme Court ruled that the company was in violation of confidentiality agreements and must dispose of the interest.The company holds a roughly 27.3% stake in Australia Pacific Airports, which owns Melbourne's Tullamarine airport and the Launceston airport in Tasmania.In a lawsuit, shareholders of Australia Pacific Airports claimed Dexus breached a shareholders' deed by disclosing confidential information while managing a sale process for stakes in the airports. The shareholders argued the company should be forced to sell its stake due to the breach."Dexus committed a material irremediable breach of the shareholders' deed," the NSW Supreme Court said in its decision as it dissolved injunctions that prevented the sale of Dexus' stake.The company's shares are on a trading halt as it prepares a statement to the market following the court's decision.

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Asia

ASX Preview: Australian Shares Set to Rise as Oil Falls on US-Iran Ceasefire Signal; Dexus Requests Trading Halt Ahead of Court Decision

Australian shares are poised to rise on Friday as oil prices fell after reports that the US and Iran had agreed in principle to extend a ceasefire and reopen shipping through the Strait of Hormuz, easing fears of supply disruption even as officials said the deal had yet to be finalized.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.6%, 0.9%, and 0.1%, respectively.In the macroeconomy, the Reserve Bank of Australia's housing and private sector credit report is due at 11:30 am Sydney time.In corporate news, Dexus (ASX:DXS) requested a trading halt on the Australian Securities Exchange from Friday, pending a New South Wales Supreme Court decision.Insurance Australia Group (ASX:IAG) said its subsidiary, Insurance Australia, has reached a confidential settlement with Greensill Bank and its insolvency administrator, resolving Federal Court proceedings relating to allegedly issued trade credit insurance policies.Australia's benchmark index fell 1.4% or 124.8 points to close at 8,592.90 on Thursday.

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Asia

Dexus Requests Trading Halt Ahead of Court Decision

Dexus (ASX:DXS) requested a trading halt on the Australian Securities Exchange from Friday, pending a New South Wales Supreme Court decision, according to a same-day filing with the Australian bourse.The company said the court will deliver judgment in its shareholder dispute with Australia Pacific Airports and that it will need time to review the ruling and prepare a market disclosure, the filing said.The halt is expected to remain in place until either the disclosure is released or trading opens on June 1, whichever comes first, per the filing.

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Asia

Dexus Says Office Portfolio Occupancy Improved in March Quarter

Dexus (ASX:DXS) said its office portfolio occupancy improved by 90 basis points during the March quarter to just over 93%, above the market average of roughly 85%, after leasing agreements in Melbourne and Sydney, according to a Tuesday filing with the Australian bourse.The company also said its industrial portfolio occupancy rate is high at nearly 97%, but remains more than 7% under-rented, creating an opportunity to boost income by resetting rents on upcoming lease expiries, per the filing.Dexus reiterated its forecast for adjusted funds from operations of AU$0.445 to AU$0.455 per security and distributions of AU$0.37 per security for the 12 months through June.The company's shares fell past 2% in recent Tuesday trade.

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Asia

Dexus Secures JV With Boral for Major Ravenhall Logistics Precinct in Melbourne

Dexus (ASX:DXS) has entered a joint venture (JV) with Boral (ASX:BLD) to develop a large-scale logistics precinct in Ravenhall, Melbourne's western corridor, spanning 630 hectares and targeting up to 2.5 million square meters of lettable space, subject to rezoning and regulatory approvals, according to a Tuesday Australian bourse filing.The JV structure gives the company and other capital partners a combined 50% stake, while Boral retains the remaining 50%, with the project developed in staged superlots and supported by substantial third-party capital to enhance capital efficiency, per the filing.The company will oversee rezoning, development, and management, with limited short-term financial impact, while management fees will begin as each stage of investment is completed, the filing added.

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Asia

Australian Unity Office Fund Secures FIRB Approval for AU$40 Million Brisbane Asset Sale

Australian Unity Office Fund (ASX:AOF) confirmed receipt of Foreign Investment Review Board (FIRB) approval for the proposed AU$40 million sale of 150 Charlotte Street, Brisbane to a fund managed by Dexus (ASX:DXS), satisfying a key condition precedent to the transaction, according to a Wednesday Australian bourse filing.The sale remains subject to approval from the company's unit holders, and the company's responsible entity, Australian Unity Investment Real Estate (AUIREL) has issued an explanatory memorandum for an extraordinary general meeting scheduled for May 8 to seek such approval, per the filing.The broader proposal includes the disposal of AOF's main undertaking, the cessation of its real estate investment business, the distribution of proceeds to unit holders, the delisting from the Australian Securities Exchange, and the eventual wind-up of the fund, the filing said.The directors of AUIREL unanimously recommend that the company unit holders vote in favor of the proposal, unless a superior proposal emerges, the filing added.Australian Unity Office Fund's shares gained about 1% in recent Wednesday trade.

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