Street Talk

Dexus offers up $130m stake in Melbourne and Launceston airports

Sarah Thompson, Kanika Sood and Emma Rapaport

May 16, 2023 – 9.34pm

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Dexus isn’t wasting any time expanding out of its traditional stomping ground, office and industrial real estate. Snapping up AMP’s Collimate Capital earlier this year has grown their infrastructure footprint further.

Now the Darren Steinberg-led company is serving up something rarely seen being offered – a stake in two tightly held city airports. Sources told Street Talk that Dexus has begun raising $130 million-plus for a new fund – dubbed the Dexus Wholesale Airport Fund – that would own about 1 per cent of Australia Pacific Airports Corporation. That’s the unlisted holding company that owns Melbourne Airport and Launceston Airport.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.