Dexus Wholesale Australian Property Fund - DWAPF

The Dexus Wholesale Australian Property Fund (DWAPF) is an established open-ended fund providing investors with bite-sized access to a large, diversified portfolio of prime Australian commercial property, including retail, industrial, office, and mixed-use assets.

The fund aims to deliver stable quarterly distribution returns and long-term capital growth through investments in major metropolitan markets, targeting assets with high occupancy and secure income streams underpinned by long-term leases with notable corporate and government tenants.

DWAPF leverages Dexus’s deep local knowledge and specialist expertise to manage this portfolio, offering a continuous income track record and the option for bonus units through its distribution reinvestment program.  Additional Units of 2% available on investments from 1 October 2025 to 31 March 2026^

_{^Details of the offer are available at dexus.com/dwapf}

Dexus Wholesale Australian Property Fund (DWAPF) is an open-ended fund that aims to provide stable quarterly distribution returns and long-term capital growth by investing in a diverse portfolio of quality Australian retail, industrial, office and mixed-use properties.

DWAPF invests in quality commercial properties, targeting assets in major metropolitan markets with high occupancy rates and stable income streams, underpinned by long-term leases with secure commercial tenants.

DWAPF has a long track record of paying income distribution and achieving solid returns. The fund differentiates itself through the provision of bite-sized access to a large and diversified commercial property portfolio that is usually not accessible to smaller investors.

Prime property portfolio

Highly diversified Australian property exposure comprised of 19 prime commercial assets, located in major metropolitan markets with notable tenants including retail titans, state and federal government departments, major industrial corporations, global life sciences innovators and iconic hospitality groups.

Regular distributions and the opportunity for capital growth

Distribution payments to investors (which are primarily comprised of income) are made quarterly with an option to reinvest these proceeds and receive bonus units of 2%^.

Flexible access

The Fund is open-ended, allowing investors to choose when they invest or withdraw. Both applications and redemptions can be submitted at any time. While the Fund is liquid, we aim to pay redemptions of Class C units within 12 months of receiving the redemption request, however this may be extended in certain circumstances.^^ While the Fund is liquid, we aim to make 1% of Class D units available for redemption each month, however it may offer an amount less than this, not make an offer or cancel the offer at its sole discretion.^^

Deep local knowledge

Dexus maintains specialist teams with expertise in funds management, research, property management, leasing, capital transactions, development and ESG. Over the past four decades, we have cultivated strong relationships with tenants, agents, consultants, governments and investors.

^{^Distributions are not guaranteed. Please refer to the Product Disclosure Statement for the full terms.}

^{^^Please refer to the Product Disclosure Statement for the Fund’s withdrawal terms.}

The primary objectives of the Fund are to:

• provide income distribution and long-term capital growth.
• provide investors with an option to include a well-managed and commercial property exposure to their portfolios which includes modern retail, industrial and office assets as well as properties housing life sciences tenants, hospitality venues, retail outlet specialties and car parks.
• provide investors with an option to include a commercial property exposure without any single tenant comprising more than 10% of the Fund’s revenue.
• provide investors with a way of investing in commercial property without using excessive debt.
• to effectively identify and manage sustainability considerations, risks and opportunities as an integral part of delivering investment performance
• provide investors with the choice to decide how much they invest and the flexibility to adjust this amount – up or down – over time.
• provide investors with transparent reporting.

The Fund is suited to investors who:

• are seeking an investment which provides a regular income distribution with the prospect of long-term capital growth.
• are intending to use the Fund as a minor allocation or satellite allocation within a broader investment portfolio.
• have a minimum investment timeframe of five years.
• have a high or very high risk/return profile for that portion of their investment portfolio.
• require the ability to have access to capital within one year of request.

The Fund allows you to submit a withdrawal request at any time. Withdrawals are processed on a monthly basis with payments to be made within 12 months⁴ of receiving a withdrawal request.

There are some circumstances where you may be able to access the money sooner than 12 months. For example, if you suffer Hardship or a Legal Disability (including death). Please refer to the Product Disclosure Statement to understand the circumstances where this may apply.

Our innovative partnership with PrimaryMarkets may allow investors the option of selling units on their Platform, which may create an alternative liquidity solution for you.

^{4 While the Fund is liquid, the Responsible Entity aims to pay redemptions within 12 months of receiving the redemption request, however this may be extended in certain circumstances. If the Responsible Entity is unable to realise sufficient assets due to certain circumstances beyond its control, the withdrawal may take longer than 12 months to be satisfied. Please refer to the Product Disclosure Statement for the Fund’s withdrawal terms.}

All information contained on this website (“Information”) is subject to change without notice. While every care has been taken in the preparation of the Information, 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 or warranty, 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. 

The Information 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, and seek professional advice, having regard to their objectives, financial situation and needs.

Dexus Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) (“DCFM”), is the responsible entity of the Dexus Wholesale Australian Property Fund (ARSN 088 996 392)(“Fund”) 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/dwpafinvest 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 consider 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/dwapfinvest

The Information 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. The Information  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.

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 an 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.