Dexus forced to sell stake in airports

Dexus has been ordered to sell its stake in major airports following a court order, underscoring a win for the IFM Investors-backed lawsuit.

Last week, the NSW Supreme Court ruled Dexus must commence the "compulsory process to offer for sale the shares comprising the Dexus Bloc to remaining APAC shareholders" at fair market value and an immediate suspension of governance, voting and information rights of the Dexus Bloc of shareholders.

Dexus is the trustee and manager of a 27.2% stake in Australia Pacific Airports Corporation (APAC), which owns and operates Melbourne and Launceston airports on behalf of various investors, also known as the Dexus Bloc.

The Future Fund has a 20.3% stake in APAC, while SAS Trustee Corporate has an 18.5% stake and Utilities Trust of Australia has an 8.7% interest.

In 2024, Dexus was appointed by some Dexus Bloc shareholders to conduct a sale process for their stakes. The APAC board subsequently issued a notice alleging that Dexus used a confidentiality deed poll and disclosed confidential information in the Dexus Bloc sale process. This would constitute a breach of the APAC Shareholders' Deed, according to the allegations made.

IFM Investors led the legal action against Dexus with the backing of other APAC shareholders, such as the Future Fund, NSW TCorp, and Morrison-managed Utilities Trust of Australia.

In response to the judgement, Dexus and the Dexus Bloc said they are "reviewing the judgment carefully to understand the court's findings and their implications and are considering grounds of appeal that may be available."

"If an appeal is intended to be filed, the Dexus Bloc shareholders may seek the further continuation of the injunction until the determination of the appeal, and may do so at the directions hearing listed on Friday, 5 June 2026," they said.

Furthermore, Dexus said the "potential impact of the judgment on Dexus is uncertain at this time given the continuation of the injunction and the unknown ultimate determination of any appeal that is filed."

"The Dexus board and management take matters of conduct very seriously and is closely considering the judgment and its impacts in this regard. Dexus will provide further updates on the APAC matter in accordance with its disclosure obligations," Dexus said.