Leadlease awarded $1.1b property mandate

Leadlease has been awarded a A$1.6 billion ($1.06 billion) property mandate from the New South Wales government’s investment and financial management arm, Treasury Corporation (TCorp).

Previously, Dexus was the manager for more than 30 years. In a statement, Dexus said, “TCorp remains a long-term investor on the platform via other vehicles.”

The Australian Mandate has achieved outperformance versus benchmark over 1, 3, 5, 7 and 10 years.

Dexus’s funds management business has achieved significant growth since FY12 and has recently attracted new like-minded partners such as GIC and M&G Real Estate to invest alongside through the cycle.

The transition of the Australian Mandate is expected to have no impact on either Dexus’s adjusted funds from operations or distribution per security in fiscal year 2020.