I’m delighted to share with you the exciting news that the Board of APN has agreed to recommend the sale of the business to Dexus Property Group (ASX: DXS) to APN shareholders.
The transaction was announced to the ASX on 11 May 2021 and follows a period of lengthy discussions as well as careful deliberations by the Board in determining to recommend the proposal. The transaction remains subject to approval by APN shareholders at a vote to be held in July.
For many of you who are familiar with Dexus, you will know that the Dexus property and funds management platform is very well regarded. Coupled with APN’s existing capabilities and track record the future opportunities for investors in our funds and our team remain excellent.
As part of the transaction, APN’s team will continue on, providing continuity of investment management for investors in our funds. In addition, APN Funds Management Limited, the independent responsible entity for APN’s funds will remain in place. We therefore expect minimal disruption to our business operations through this process.
APN’s Chairman and major shareholder Chris Aylward commented: ‘We are very proud of the APN platform and the value it has created not only for APN securityholders but for the investors in our property funds. We look forward to seeing the continued growth of the APN funds and delivery of returns to our investors as part of the Dexus real estate funds management platform.’
Mr Darren Steinberg, Dexus Chief Executive Officer said: ‘We believe APN is a high quality real estate funds management business that complements our existing platform, and we look forward to APN’s executives joining and strengthening the Dexus team while continuing to deliver strong results for investors.’
I would like to add my thanks to all of our shareholders, longstanding investors and business partners for whom we continue to strive to deliver outstanding investment results. We are delighted to have been able to grow the business over an extended period with your outstanding support and we remain grateful for the ongoing confidence placed in us. I also want to acknowledge those of you who are APD shareholders, while important, separate correspondence will be sent to you regarding the transaction and the vote, we are delighted to put forward a proposal that offers compelling value for your investment in the company and thank you for your investment in us.
There is a sense of genuine excitement across APN’s team regarding our future including becoming part of the Dexus group – we are looking forward to continuing to build on our success and sharing this with you in the years ahead.
Dexus is one of Australia’s leading real estate groups, managing a high-quality Australian property portfolio valued at $36.5 billion. We believe that the strength and quality of our relationships will always be central to our success and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $15.5 billion of office and industrial properties. We manage a further $21.0 billion of office, retail, industrial and healthcare properties for third party clients. The group’s $11.5 billion development pipeline provides the opportunity to grow both portfolios and enhance future returns. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by more than 29,000 investors from 24 countries. With 36 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com