Dexus Gets Full Control of MLC Tower and Lower Retail; Fair Value Estimate Increases to AUD 10.60
The purchase by Dexus and the Dexus Wholesale Property Fund, of DWPF, of the 50% balance of the MLC office tower for AUD 800 million will provide a kick to short-term earnings. However, it is low quality growth, as Dexus is funding its stake through abnormally cheap debt, 7-year exchangeable notes paying a coupon of 2.3%. Benefits will mostly accrue over the longer term via higher fund management fees and flexibility to autonomously redevelop the lower retail levels of the site. Dexus has little...Dexus Property Group owns, manages and develops real estate assets and manages real estate funds on behalf of third party investors. Co.'s operating segments include: office, which comprises domestic office space with any associated retail space, as well as car parks and office developments; industrial, which comprises domestic industrial properties, industrial estates and industrial developments; property management, which comprises property management services for third party clients and owned assets; funds management, which comprises funds management of third party client assets; development and trading, which involves its development and inventory: and all other segments.
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