Diversified real estate fund manager, Dexus, has announced it has secured Cbus Super as its new joint venture investor, with Cbus agreeing to purchase a 33.3% interest in the Jandakot joint venture, which owns 100% in Perth’s Jandakot Airport.
Following the acquisition, as well as the final settlement and regulatory approvals, the $1.3 billion airport joint venture would be held by Dexus (33.4%), Dexus Industria REIT (33.3%) and building and construction-focused superannuation fund Cbus Super (33.3%).
In the announcement made to the Australian Securities Exchange (ASX) Dexus said that since the acquisition of the airport, which was announced in September last year, it intended to bring additional third party capital into the Jandakot structure prior to its final completion.
Cbus’ chief investment officer, Kristian Fok, said the facility suited Cbus’ direct property portfolio well and would provide a large-scale investment that on the completion would comprise an industrial and logistic estate with over 700,000m2 of accommodation.
“The property has the benefit of established infrastructure, including an airport, existing modern leased industrial and logistic assets and significant development potential which is expected to enhance returns in future,” he said.
According to Alexandra Campbell, Cbus Super’s head of private markets and infrastructure, the investment would provide Cbus with the opportunity to both partner with Dexus and benefit from the Dexus industrial development platform which will be critical in securing and retaining tenants.
“This investment is in line with our strategy to increase our direct property investments via joint ventures with a select number of partners,” Campbell said.
“Both of our organisations have runs on the board when it comes to leading some of Australia’s most significant developments. The future development of the Jandakot Airport will unleash opportunities for West Australian industrial and logistics businesses, creating both new construction jobs and ongoing work for the local community.”