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Image – The Property Tribune.
  • Valuations up by 2.3%
  • DXS currently trading at $11.00
  • Company simplification confirmed

This week, Dexus (ASX: DXS) announced that portfolio valuations showed an increase in value of some $362 million.

Representing a 2.3% increase on prior book values for the six months to 30 June 2021, the positive news didn’t bode well for the company share price, dropping from $10.98 to $10.82 by the end of trading.

Valuations covered 117 of 128 assets, in recent months the company dipped its toes into various areas beyond the usual office assets.

“We have had a consistent focus on improving the portfolio quality via leasing, acquisitions, divestments and developments and that, combined with continued investment demand, contributed to the consistent growth in underlying asset values.”

Darren Steinberg, Dexus CEO

In April, a Dexus managed fund merger with AMP’s Diversified Property Fund was approved, later in May, Dexus announced its acquisition of APN Group (ASX: APD).

This month, Dexus showed interest in the healthcare sector.

Structure update

In March this year, Dexus announced that it would undergo a company structure simplification.

“The Simplification involves “top-hatting” each of DDF, DIT and DOT with a newly established trust called Dexus Property Trust (“DPT”) to form a dual stapled group comprising DXO and DPT.”

Dexus

In the latest announcement, “Dexus now confirms that the stamp duty determinations have been received,” and will be providing that information shortly.

“The Board of Dexus Funds Management Limited has determined that the Simplification continues to be in the best interests of Security holders and will now be implemented.”

The last day of existing Dexus stapled securities will be 30 June this year, with the new stapled securities commencing trading on 7 July 2021.

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