A new Wholesale Airport Fund (WAF) launched by Dexus has raised “towards A$200 million”(€122m) exceeding its target of A$130 million. 
 
The fund owns a 1% stake in Australia Pacific Airports Corporation (APAC), the unlisted holding company of Melbourne Airport and Launceston Airport.
 
Dexus executives said the additional funds raised provide WAF with the capacity to make further acquisitions and grow its stake in APAC. 
 
WAF is the first fund Dexus has brought to market since it completed the acquisition of AMP Capital’s domestic real estate and infrastructure businesses in March this year.
 
Dexus CEO, Darren Steinberg, said: “WAF offers a rare opportunity for wholesale investors to obtain exposure to a key piece of privately-owned infrastructure, which up until now has been tightly held by institutional clients. 
 
“The equity raise highlights strong wholesale investor interest in high-quality real assets.” 
 
Melbourne Airport has one of the world’s largest airport land holdings across a 2,741 hectare site. It services 39m passengers annually and operates without a curfew. 
Commercial revenues are derived from a range of ground transport, retail and other property activities.
 
Melbourne is forecast to become Australia’s largest city by 2031-32, with 77 million passengers expected to pass through its airport by 2042. A planned third runway, future terminal development, land access upgrades and ongoing property development represent medium-term scaling-up opportunities.
 
Dexus, Australia’s largest listed office landlord, has been increasing its exposure to unlisted infrastructure and healthcare. In these two sectors its most significant investments are Perth’s Jandakot Airport Western Australia and the North Shore Health Hub on Sydney’s lower North Shore.

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