EQS-Adhoc: Dexus Finance Pty Limited: Dexus launches new fund series and invests in Westfield Chermside; raises further equity for DREP2; provides an APAC update

Dexus (ASX: DXS)

ASX release

12 December 2025

Dexus launches new fund series and invests in Westfield Chermside; raises further equity for DREP2; provides an APAC update

New fund series launched with Westfield Chermside investment

Dexus today announces the launch of the Dexus Strategic Investment Trust (DSIT) series, designed to provide investors with access to high quality Australian assets held for long-term value creation. Dexus has exchanged contracts with Scentre Group to seed the first fund in the series, DSIT1, through the acquisition of a 25% interest in Westfield Chermside, Brisbane for $683 million^[1], reflecting a market capitalisation rate of 5.0%.

This investment follows Dexus Wholesale Shopping Centre Fund’s acquisition of a 25% interest in Westfield Chermside in July 2025, bringing Dexus’s Platform stake in the asset to 50%.

As the nation’s second-largest regional shopping centre by both sales and gross lettable area, Westfield Chermside is one of Australia’s most iconic and dominant retail destinations. Westfield Chermside serves one of Australia’s fastest-growing metropolitan catchments, underpinning a long-term growth outlook.

Settlement is expected to occur on 23 December 2025. Dexus will initially co-invest circa $170 million into the fund, equivalent to a 49% interest, with third party investors contributing the remainder. Additional third party equity is expected to be introduced in FY26, with Dexus targeting a long-term holding of circa $50 million. The initial transaction is expected to be broadly neutral to Dexus’s AFFO and increase look-through gearing by circa 1.3%.

Ross Du Vernet, Dexus Group CEO & Managing Director said: “Our Funds platform provides investors with access to high-quality assets across multiple strategies that align with their specific investment objectives. By working closely with our investment partners, we’re able to deliver compelling opportunities and continue to expand our platform offering."

Kirrily Lord, Dexus Executive General Manager, Retail said: "This transaction leverages our established relationship with Scentre Group to secure a further Platform investment in a market-leading asset."

DREP2 total equity commitments increase to circa $870 million

An additional circa $390 million of equity commitments have been raised towards Dexus Real Estate Partnership 2 (DREP2)’s strategy since the FY25 result. Total commitments at circa $870 million exceed the initial $600 million target and signal the final close later this month. This total includes a $200 million co-investment commitment from a new fund investor that can be deployed by Dexus into future acquisitions alongside DREP2.

Jason Howes, Dexus Executive General manager, Fund Capital & Product Development said: “The success of Dexus’s opportunity fund series is underscored by strong investor confidence in the ability to leverage the deep capability across the Dexus Platform to deliver enhanced returns from opportunities across the Australian real estate sector. The latest equity raise positions DREP2 as one of the largest and most diversified opportunity funds in the Australian market, enhancing investment flexibility.”

APAC update

Dexus updates that on the application of other parties to the APAC matter due to challenges in aligning availability of all parties for mediation prior to 12 December 2025, the New South Wales Supreme Court has rescheduled mediation to occur by no later than March 2026. The hearing date remains unchanged, commencing in April 2026. Dexus continues to work towards a resolution of this matter in the best interests of its clients.

Authorised by Brett Cameron, General Counsel and Company Secretary of Dexus Funds Management Limited

For further information please contact:

^[1] Excluding transaction costs.

2244476  11-Dec-2025 CET/CEST