Dexus Australian Property Fund - DAPF

The Dexus Australian Property Fund (DAPF) offers investors access to an established and diversified portfolio of Australian commercial property, primarily through its investment in the Dexus Wholesale Australian Property Fund. This vehicle focuses on delivering income and long-term capital growth by targeting office, retail, and industrial assets supported by corporate and government tenancies across Australia. The Fund provides an income stream via continuous quarterly distributions, which may include tax-deferred components.

DAPF maintains low target gearing and benefits from quarterly valuations, generally resulting in lower price volatility than listed investments. The investment strategy is currently positioned to capitalise on market factors, including falling interest rates, strong population growth, and valuations potentially sitting below the replacement cost of existing assets.

An established portfolio of commercial property investments.
Dexus Australian Property Fund (DAPF) aims to provide investors with income and long-term capital growth through access to a portfolio of property investments. These investments are currently accessed through DAPF's investment in the Dexus Wholesale Australian Property Fund that owns property directly and cash.

The Dexus Australian Property Fund (DAPF) provides investors with access to a diversified portfolio of Australian office, retail and industrial properties, with a focus on income returns and potential for capital growth. DAPF may also invest in healthcare and other commercial properties. The portfolio is well-diversified with investments located in different markets throughout Australia and a large tenant base comprised of corporate and government tenants.  Please speak to your financial adviser or view our platform list to invest.

Investment objective 

The Fund’s objective is to provide income and long-term capital growth by investing in a diversified portfolio of Australian commercial properties and Real Estate Investment Trusts (AREITs) through investing in Dexus Wholesale Australian Property Fund. 

• Income focus - quarterly distribution paid continuously since inception 
• Tax-deferred income - Tax deferred components can potentially reduce short term assessable income 
• Low target gearing - target range is 0-45% of gross assets with a long-term target of 0 - 15% of gross assets¹ 
• Quarterly valuations - generally, lower price volatility than listed investments  
• 2% bonus units - available if you opt into the Distribution Reinvestment Program 
• Liquidity - monthly redemption windows paid within 12 months² 
• Hardship & Deceased estates - monthly withdrawals available if criteria met³ 
• Asset allocation - select mix of traditional and contemporary asset classes 

^{1 As at 30 September 2025, drawn debt 40.6%.}

^{2 While the Fund is liquid, the Responsible Entity aims to pay redemptions within 12 months receiving the redemption request, however this may be extended in certain circumstances.}

^{3 Please refer to the PDS.}

The Fund provides investors with:

•  Access to a diversified portfolio of commercial property investments

The Fund provides investors with indirect ownership of an established portfolio of office, retail and industrial assets with a focus on income returns and potential for capital growth. The Fund may invest in other sectors including healthcare, childcare, student accommodation, retail outlets, data centres and life sciences facilities. The portfolio is well-diversified with investments located in different markets throughout Australia and a large tenant base comprised of corporate and government tenants. This exposure is predominantly held through the Fund's investment in the Dexus Wholesale Australian Property Fund, however the Fund may also own commercial property directly.

• Access to a fund which allows investors to choose when they invest

The Fund offers investors a means of owning commercial property through an investment vehicle. The open-ended structure allows investors to choose when they invest in the Fund and, whilst the Fund is liquid, investors may lodge a withdrawal request if they wish to redeem their investment.

• Dexus's specialist real estate knowledge and broad investment expertise

Dexus has a track record in real estate investment which can be traced back over 40 years. Investors in the Fund benefit from specialist teams with expertise in investment research, property management, leasing, capital transactions, development, real estate sustainability, debt advisory and funds management. 

All information on this website is subject to change without notice. While every care has been taken in the preparation of the information contained in this website, to the extent permitted by law,  (Dexus: DXS), its related body corporates and each of their respective directors, officers and employees do not make any representation, express or implied, as to the accuracy, currency, reliability or completeness of any statement in it, including without limitation, any forecasts and do not guarantee the repayment of capital, or the performance of or any particular rate of return for the Dexus fund referred to on this website.  Past performance is not a reliable indicator of future performance.  

This content has been prepared for the purpose of providing general information only, without taking account of any particular investor’s objectives, financial situation or needs. Investors should, before making any investment decisions, consider the appropriateness of the information on this website, and seek professional advice, having regard to their objectives, financial situation and needs. The information contained on this website should not be considered to be comprehensive or to comprise all the information which a potential investor may require in order to determine whether to invest in the Fund. This content is not intended for distribution or use in any jurisdiction where it would be contrary to applicable laws, regulations or directives and does not constitute a recommendation, offer, solicitation or invitation to invest. 

Dexus Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) (DCFM), is the responsible entity of the Dexus Australian Property Fund (the Fund) (ARSN 096 853 619) and the issuer of the units in the Fund. DCFM is a wholly owned subsidiary of Dexus: DXS. 

To invest in the Fund, investors will need to download at www.dexus.com/dapffinvest or obtain the current Product Disclosure Statement (PDS) from DCFM.. The PDS contains important information about investing in the Fund and it is important that investors read the PDS before making a decision about whether to acquire, or continue to hold or dispose of units in the Fund. A target market determination has been made in respect of the Fund and is available at www.dexus.com/dapfinvest. 

The Lonsec Rating (assigned May 2025) presented in this document is published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421445. The Rating is a “class service” (as defined in the Financial Advisers Act 2008 (NZ)) or is limited to “General Advice” (as defined in the Corporations Act 2001 (Cth)) and based solely on consideration of the investment merits of the financial product(s). In New Zealand it must only be provided to “wholesale clients” (as defined in the Financial Advisers Act 2008 (NZ)). Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold DCFM product(s), and you should seek independent financial advice before investing in this product(s). The Rating is subject to change without notice and Lonsec assumes no obligation to update the relevant document(s) following publication. Lonsec receives a fee from the Fund Manager for researching the product(s) using comprehensive and objective criteria. For further information regarding Lonsec’s Ratings methodology, please refer to http://www.lonsecresearch.com.au/research-solutions/our-ratings.

The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (“Zenith”) rating (assigned to APIR NML0001AU, January 2025 and assigned to APIR AMP5464AU, August 2025) referred to in this piece is limited to “General Advice” (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of, and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not a reliable indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith’s methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at Fund Research Regulatory Guidelines.