DEXUS establishes partnership with Future Fund

DEXUS establishes partnership with Future FundDEXUS Property Group and Australian sovereign wealth fund Future Fund have established a new capital partnership (/) in the Australian industrial sector, according to a recent ASX announcement.The new partnership, known as the DEXUS Industrial Partnership, will be seeded with the acquisition of Quarrywest (pictured), a prime industrial development opportunity at Greystanes in outer western Sydney. The Partnership’s vision is to leverage DEXUS’ specialist skills in accessing, developing and actively managing industrial property to deliver attractive, risk-adjusted returns.Quarrywest comprises 25.64 hectares of industrial development land located on Reconciliation Road opposite Quarry, an estate owned by DEXUS and another partner, which has 170,000 sqm of high-quality industrial facilities and a high-calibre tenant base.The Partnership has exercised a call option to acquire land off-market from Boral for $.5 million, with Boral contracted to undertake landform works. This investment is intended to build on the success of the Quarry at Greystanes development by providing another 115,000 sqm of prime space to market.The Partnership intends to progressively develop new facilities on a pre-lease or speculative basis over a three-year term from FY16 to FY18, targeting risk-adjusted returns for the Partnership. It’s anticipated the Partnership will grow in the future.