Dexus, the recent acquirer of AMP Capital, is understood to be lining up to assess an acquisition of stakes in three Australian airport assets on the market worth a combined $2bn-plus.
UBS is selling a 9.14 per cent interest in Perth Airport, Barrenjoey is working on a sale of a 40 per cent stake in Queensland Airport Limited worth more than $1bn, and Macquarie Capital is aiding Igneo in a 12.5 per cent selldown of its interest in Brisbane Airport worth about $1bn.
Dexus purchased AMP Capital’s real estate and domestic infrastructure equity business in April last year for at least $250m, taking the office landlord’s funds under management to more than $60bn. As a result, it now has three infrastructure funds.
The Dexus Core Infrastructure Fund owns prisons, wind farms, schools and Melbourne Airport and London’s Luton Airport.
Dexus recently launched the Wholesale Airport Fund that purchased a 1 per cent stake in Melbourne Airport last month for about $200m.
Dexus also owns Jandakot Airport in Western Australia in a joint venture arrangement.
The Dexus Community Infrastructure Fund is the owner of Perth Stadium, the Victoria Desalination Plant, Darwin Convention Centre and Royal Adelaide and Royal North Shore hospitals.
The logic for Dexus to look at the airport assets is that the AMP Capital business has solid expertise in owning airports, being one of the first investors in Australia in the asset class.
Dexus Diversified Infrastructure Trust is a fund open to wholesale investors, offering exposure to a portfolio of infrastructure assets.
Super funds are looking to cash out of airport assets as travel numbers have soared in the past year. They fear they are too exposed to airport assets.
The interest in airports come as headhunters have recently knocked on the door of Dexus executives to test their interest in running GPT.
DataRoom understands that two candidates who surfaced early on in the competition for the job running GPT were Ross Du Vernet and Craig Mitchell.
Mr Du Vernet is Dexus chief investment officer, while Mr Mitchell is also a former Dexus executive and currently president of NorthWest Healthcare.
However, the understanding is that the pair are no longer in the mix.
Others who were understood to have progressed are former Charter Hall executive Greg Chubb, who now runs the Hong Kong-based Link REIT, and former Mirvac executive Brett Draffen.
The leading internal candidate is Anastasia Clarke.
GPT reports its half-year results on August 14 and may then update the market on its chief executive search.
Earlier, GPT had hired Russell Reynolds, but sources in the market believe the country’s oldest property trust is now working with another search firm.
GPT announced on February 10 that CEO Bob Johnston was leaving the $8.2bn trust, retiring in December.
It is understood candidates have made strategy presentations to GPT’s Vickki McFadden-led board.
GPT is one of Australia’s major owners and developers of retail, office and industrial assets, with some of the country’s most prominent towers and malls, including Westfield Penrith, Melbourne Central, Melbourne’s 150 Collins St, One One One Eagle St in Brisbane and the Citigroup Centre at Sydney’s 2 Park St. GPT counts UniSuper as its largest investor with 16.3 per cent, followed by BlackRock with 10.25 per cent.
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