TCorp have confirmed that from 30 June 2020 the management of the Australian Mandate, comprising a $1.6 billion property portfolio will shift from Dexus to LendLease. TCorp manages these assets on behalf of State Super (SAS Trustee Corporation).
Dexus have managed the diversified Australian Mandate for more than 30 years, and despite losing the mandate were keen to advise the market that TCorp remains a long-term investor on the platform via other vehicles.
TCorp made the announcement following a detailed independent RFP process intended to refresh the mandate in line with best practice investment management.
Stewart Brentnall, Chief Investment Officer said: "We were very impressed with the RFP responses from all shortlisted parties. They were high calibre, quality responses and this demonstrates the depth of local property fund managers. We now look forward to working with Lendlease, and envisage this partnership will evolve and broaden over time, given Lendlease's global footprint and expertise."
Dexus advises that the transition of the Australian Mandate (which comprises 13% of their 3rd party funds management business) is expected to have no impact on either Dexus's Adjusted Funds From Operations or distribution per security in FY20, with market guidance of distribution per security growth maintained at circa 5.5% for the 12 months ended 30 June 2020.
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