Dexus has seeded an initial investment of A$100m (€61m) in the first of a series of closed-ended opportunity funds that will invest in value-add, development and special situation real estate opportunities in Australia.

Deborah Coakley, Dexus executive general manager, funds management, said the Dexus Real Estate Partnership 1 fund “will capitalise on emerging pockets of opportunities where we can leverage Dexus’s large-scale platform of transactions expertise, active asset management and development capability”.

“Dexus is the first investor in the fund. We are seeking both domestic and offshore investors in the fund,” Coakley told IPE Real Assets.

Coakley said the unlisted fund would only invest in Australian property, but would not be sector-specific.

“It will look to build a portfolio of assets across a number of sectors and across the capital stack,” she said.

She declined to comment on the envisaged size of the first fund.

Asked about ongoing co-investment in new funds in the series, she said: “Dexus will assess its commitment to future funds as these opportunities arise.”

Jason Howes has been appointed fund manager of the close-ended opportunity fund.

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