Dexus Funds Management Limited (“DXFM”) as responsible entity of Dexus (“Dexus” or the “Group”) today announced that it has agreed to acquire the 80 Collins precinct, alongside Dexus Wholesale Property Fund (“DWPF”), for a Total Acquisition Cost of $1.476 billion (the “Acquisition”) from QIC Global Real Estate. Dexus will acquire a 75% ownership interest in the 80 Collins precinct and DWPF will acquire the remaining 25% interest.
Melbourne has the fastest growing population of any capital city in Australia and Collins Street’s leafy top end has long been home to icons of commerce, luxury, retail and sophisticated dining. The precinct’s distinctive elm trees, broad footpaths, historic buildings and elevated cultural activity the precinct has inspired generations of astute and creative minds.
Darren Steinberg, Dexus CEO said: “Following the acquisition of 52 and 60 Collins Street last year, this acquisition further enhances our scale and presence in the tightly held ‘Paris end’ of the Melbourne CBD, a prime location where our customers want to be. Importantly, vacancy in the Melbourne CBD office market is nearing an all-time low, supported by strong population growth and significant pre-commitments across the upcoming supply pipeline”.
80 Collins Street Melbourne
80 Collins will bring together the designers and tastemakers of the moment. From luxury to advanced contemporary fashion, this is the home of innovative flagships and the future of retail.
The 80 Collins precinct is a large-scale site strategically located in the Eastern Core of Melbourne’s CBD. The precinct comprises 105,000m2 of Net Lettable Area across:
- an existing 47 level A-grade office tower;
- a new 35 level premium office tower;
- a new retail podium with 21 tenancies; and
- a new 255 room boutique hotel.
New components of the 80 Collins precinct are currently being developed. Dexus’s contribution to the development is limited to the acquisition price.
