Dexus has struck an agreement to take over ASX-listed APN Property in a $320 million cash deal that will not only bring fresh institutional capital to its funds platform but also extend its reach into real estate securities and direct property.
The bid from Dexus, which is led by Darren Steinberg, has the backing of Melbourne-based APN Property’s board, including the platform’s co-founder, chairman and largest shareholder, Chris Aylward, who has granted a call option to Dexus over his 19.9 per cent stake.
Loading...
Nick Lenaghan edits the property section, which covers all aspects, from residential real estate and housing and construction to commercial property – office, retail, industrial – and major ASX-listed developers and real estate investment trusts. Connect with Nick on Twitter. Email Nick at nlenaghan@afr.com
