(Adds Dexus CEO quote, details)
Sept 23 (Reuters) – Australian real-estate firm Dexus teamed up with APN Industria REIT on Thursday to buy Perth’s Jandakot Airport for A$1.3 billion ($939.90 million), as it looks to venture out of the fund management business.
Dexus will take a 66.7% stake in the airport, with APN taking the remaining 33.3%. The companies will also spend an additional A$200 million on other industrial properties including two logistics facilities in Victoria and New South Wales.
“The acquisitions will provide our industrial business with a meaningful footprint in Western Australia…across the group, the industrial portfolio is expected to grow to A$11.3 billion post completion,” Dexus CEO Darren Steinberg said in a statement.
To fund the deals, APN will raise A$350 million through a placement, from which Dexus will take up A$40 million. The issue price of A$3.45 per share represents a 7.8% discount to APN’s last close.
The acquisitions are expected to be accretive to both companies’ funds from operations in fiscal 2022. ($1 = 1.3831 Australian dollars) (Reporting by Arundhati Dutta in Bengaluru, Editing by Sherry Jacob-Phillips and Ramakrishnan M.)