Dexus announces successful fundraising for its real estate opportunity fund

Australasian real asset manager Dexus has successfully raised more than A$300 million ($199 million) for a first close for its second dedicated real estate opportunity fund, putting it on track to raise up to A$1 billion ($660 million) in equity.

The Dexus Real Estate Partnership 2 (DREP2) fund is the second in a series of closed-end funds targeting Australian real estate opportunities. The fund seeks to provide institutional and wholesale investors with enhanced returns through exposure to investments in property repositioning, development, special situations and real estate credit opportunities.

Multiple funding rounds for DREP2 are expected to close this year. Once completed, and with gearing, the fund expects to invest as much as A$2 billion ($1.3 billion) commencing with the funds from first close.

DREP1 closed in December 2022, with the fund’s investment capacity at A$1 billion ($660 million), including gearing. Up to four DREP1 deals are expected to be