Jandakot airport
Jandakot Airport is one of the busiest general aviation airports in Australia, and is home to a large industrial area. Image – Canva.
  • Cbus Super to acquire a third of Jandakot Airport
  • Proportions now DXS 33.4%, DXI and Cbus 33.3%
  • Original acquisition worth $1.3B

In September last year, Dexus (ASX: DXS) and then APN Industria (ASX: ADI), now Dexus Industria REIT (ASX: DXI), acquired a $1.5 billion portfolio of industrial properties.

Property City, State DXS ownership ADI ownership Notes
Jandakot Airport Perth, Western Australia 66.70% 33.30% Comprises 49 properties, circa 80 hectares of developable land, and an airport operating business
Lot 2, 884-928 Mamre Road Kemps Creek, New South Wales 50% 50% Fund-through development
2 Maker Place Truganina, Victoria 0% 100% Logistics facility leased to Australia Post

Part of the acquisition included Jandakot Airport, located in Perth.

DXS would acquire a 66.7% interest in the entities that own a 76-year ground lease at Jandakot Airport, WA, with ADI (DXI) acquiring the remaining 33.3% interest, for a combined acquisition price of $1.3 billion.

Then APN Industrial undertook equity raising to partially fund its share of the acquisition, an institutional placement to raise approximately $100 million, and a 1-for-3 non-renounceable entitlement offer to raise approximately $250 million.

Dexus noted the acquisition was made off-market, with the $1.3 billion combined acquisition price attributed to:

  • $875 million for a diversified stabilised portfolio of 49 modern prime industrial properties leased to more than 54 tenants across circa 360,000 square metres, reflecting a 5.2% initial yield and 4.7% cap rate,
  • $225 million for circa 80 hectares of immediately developable land, of which 12 hectares is currently under Heads of Agreement and the remaining 68 hectares is approved under a current master plan,
  • $200 million for an operating airport deriving income from long term ground leases, landing fees and infrastructure services, reflecting a circa 19x EBIT multiple.


In Dexus’ announcement in September, the company said it was intending to bring additional third party capital into the Jandakot structure prior to final completion.

The company today announced that it secured Cbus Super as a new joint venture investor on its fund management platform.

Cbus Super agreed to purchase a 33.3% interest in the Jandakot joint venture.

The superfund’s investment in the Jandakot joint venture and the final settlement of the remaining Jandakot interest are expected to occur in March 2022 following the receipt of required regulatory approvals.

The Cbus interest means that Dexus now holds 33.4%, with DXI and Cbus each owning 33.3%.

“We are delighted to be investing with Dexus in this high-quality property opportunity. Jandakot Airport with its industrial and logistics development pipeline is an excellent fit for Cbus’ growing direct property portfolio and we look forward to seeing this investment deliver for members well into the future,” said Cbus Super CIO, Kristian Fok.

“We secured the large-scale high quality Jandakot portfolio off-market in a highly competitive environment for industrial assets, demonstrating the benefit that our platform brings to our funds management clients,” added Dexus CEO, Darren Steinberg.

“We are pleased to be able to secure additional third party capital for this opportunity, aligning with our focus to grow our funds management business,”

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