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Australian property and infrastructure investment manager Dexus has launched a strategic review of its infrastructure funds business acquired through the AMP Capital platform transaction completed in 2023. The review covers infrastructure assets worth AUD 7.3 billion under management and includes several key funds, such as the Dexus Diversified Infrastructure Trust and Australia Pacific Airports Fund vehicles. The move comes amid an ongoing legal dispute over the company's 27% stake in Melbourne and Launceston airports. Dexus has also temporarily stood down certain senior executives while assessing the implications of a recent court ruling related to the airport stake.
Australian property group Dexus has begun a strategic review of its infrastructure funds and mandates that were integrated into the company following its acquisition of AMP Capital’s real estate and infrastructure platform in 2023.
The review will focus on the infrastructure business, which managed AUD 7.3 billion in assets at the end of 2025. The segment accounts for around 20% of Dexus’ total third-party funds under management and represents a significant part of the company’s investment platform.
According to Dexus, the review will build on work already undertaken at the individual fund level and is intended to address issues that have emerged within parts of the infrastructure portfolio. The assessment will be conducted internally by Dexus and will cover five infrastructure funds and investment vehicles.
Among the assets included in the review are the Dexus Diversified Infrastructure Trust and the Australia Pacific Airports Fund vehicles, which hold interests in major airport infrastructure assets. The review comes at a time when the company is dealing with legal and governance matters linked to its airport investments.
In a related development, the New South Wales Supreme Court recently extended an injunction concerning Dexus’ 27% stake in Melbourne and Launceston airports. The injunction will remain in place until June 22, allowing legal proceedings related to the ownership stake to continue.
The court action follows developments from the previous week, when Dexus indicated that it may be required to offer its airport stake to existing shareholders. The move came after a court upheld a notice connected to an attempted sale of part of the holding to external investors.
The airport stake dispute stems from shareholder agreement provisions that govern ownership transfers and rights of existing investors. Such arrangements are common in infrastructure assets, particularly airports, where ownership structures often include multiple institutional investors and long-term investment vehicles.
Dexus also confirmed that several key executives had been temporarily stood down while the board and management evaluate the impact of the court's decision and determine the next course of action. The company did not disclose the names or positions of the executives involved.
The strategic review marks another step in Dexus’ efforts to assess the performance and governance of infrastructure assets acquired through the AMP Capital transaction, which significantly expanded the company's presence in the infrastructure investment sector.
Source Reuters
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