Aussie Property Titan Dexus Opens Singapore Office
SINGAPORE – Australian real estate giant Dexus has established an office in the city-state in a bid to expand its property footprint in Asia, according to a press release published on Tuesday afternoon (31 January, SGT).
“Having a permanent presence in Singapore will help us grow and manage our client relationships in Asia more effectively. This is an important step as we look to expand our investor footprint across Asia in the real asset sector,” said Dexus Chief Executive Darren Steinberg.
The Singapore office will support the growth of Dexus’ funds business and its expanding relationships across the region, amidst an environment in which Australasian property investments continue to pique the interest of global capital partners.
Notably, Dexus is well-connected with Asian-based commercial property investors. For instance, the real estate investment company had teamed up with Singapore’s Mercatus to jointly acquire the 1 Bligh office building in downtown Sydney in March 2021.
Mercatus, the real estate division of NTUC Enterprise Co-operative, is said to be looking to sell a 33 percent stake in 1 Bligh. However, no target price has been announced for Mercatus’ slice of the 29-storey office building.
In November 2022, Dexus-sponsored Industria REIT entered into a deal to divest two business parks in Sydney – 1A and 1C Homebush Bay Drive – to the Australian arm of Singapore-listed Frasers Property for A$160.5 million (US$106.2 million). The selling price works out to a 15 percent discount to the assets’ current combined book value A$189 million.
Aside from that, Dexus has appointed Brian Kwon as Head of Distribution for Asia.
“The appointment of Brian as a dedicated Asia-focused and Asia-based executive enhances our capability to better service our existing and future Asia-based clients,” said Deborah Coakley, Executive General Manager for funds management at Dexus.
“Brian is fluent in both Korean and English and has strong relationships in the region, with a track record of securing equity for a diverse range of funds.”
Kwon was previously assigned in Seoul, South Korea. He was formerly a Director at Natixis Investment Managers, a Senior Coverage Specialist at DWS Korea, a Senior Manager Asset Management at Macquarie, and a Global Alternative Investment Team Vice President at Hanwha Asset Management.