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Dexus Wholesale Australian Property Fund (DWAPF)

A way to get set with a quality commercial property portfolio

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INDUSTRY

Commercial Property

STATUS

Trading

OPEN TO

Wholesale investors and advised retail investors

Investment Highlights

Company Overview

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Investment Highlights

Open-ended fund established 1985

7.9% return to investors (net of fees) since inception [1]

Gross assets of approximately $1.8 billion as of 30 June 2026

Diversified across the office, retail and industrial sectors

High occupancy of 98.1% and WALE of 4.8 years

Current gearing 42.0%. Gearing range of 0-45% with long-term target 0-15% of gross assets.

1. While the Fund is liquid, the Responsible Entity aims to pay redemptions of Class C units within 12 months of the applicable window. This may be extended in certain circumstances.
2. While the Fund is liquid, the Responsible Entity aims 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. While the Responsible Entity aims to process the interim withdrawal offer payments within 10 Business Days after the applicable specified withdrawal date, it may take up to 12 months to do so, if the Responsible Entity is unable to realise sufficient assets due to circumstances beyond its control.

Fund Suitability

The Dexus Wholesale Australian Property 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.

Please refer to the Product Disclosure Statement and Target Market Determination or visit the How to invest tab for further information.

Fund Overview

The Dexus Wholesale Australian Property Fund aims to provide investors with income and long-term capital growth by currently investing in 19 quality commercial properties in major metropolitan markets throughout Australia.
Investing via the Wholesale Australian Property Fund allows investors to benefit from a $1.8 billion portfolio for as little as $10,000.
Current gearing 41.7%. Gearing range of 0-45% with long-term target 0-15% of gross assets
High occupancy rate of 1%
Stable WALE of 4.7 years.

Returns – Over the 12 months to 30 June 2026, the Fund returned 8.98%, of which 5.89% was distribution and 3.09% was growth. The quarterly total return in Q2/2026 was 1.50%.

Valuations – The portfolio value increased by 1.2% over the quarter. The retail portfolio increased by 1.2%, while both the office and industrial portfolios increased by 0.3% over the quarter. The average cap rate for the investment portfolio is 6.28% and valuations have now increased for nine consecutive quarters.

Key metrics – The Fund’s occupancy was stable at 98.1% and the weighted average lease expiry sits at 4.8 years.

New Unit Class – DWAPF Class D units – which offer capped monthly liquidity, is available on North, Hub24, Netwealth, BT Panorama and CFS Edge.

Additional Units Offer – In celebration of the 40th anniversary of the Fund, Dexus is making 2% ‘additional units’ available for those investing from 1 October 2025. This offer is available through to 30 September 2026. Details of the offer are available at dexus.com/dwapf.

Withdrawal Options -

Class C units: monthly withdrawal windows with payments made within 12 months*.
Class D units: monthly withdrawal windows with payments made monthly which may be scaled if withdrawals exceed 1% of Class D units**.

* While the Fund is liquid, the Responsible Entity aims to pay withdrawals of Class C units within 12 months of the applicable window. This may be extended in certain circumstances.
** While the Fund is liquid, the Responsible Entity currently aims to make interim withdrawal offers of 1% of Class D units available for redemption each month, however it may make an offer of an amount less than this, determine not to make an offer, or cancel an existing interim withdrawal offer at its sole discretion. While the Responsible Entity aims to process the interim withdrawal offer payments within 10 Business Days after the applicable specified withdrawal date, it may take up to 12 months to do so if the Responsible Entity is unable to realise sufficient assets due to circumstances beyond its control.

Navigating the Market

The 17 direct property interests are diversified across different sectors, with approximately 300 tenants supporting the cashflow.

Largest tenants in the portfolio account for just 8.0% of the total Fund's revenue

Fund’s largest assets account for just 12.9% of the portfolio.

Retail - Long term occupancy rate

Industrial / Logistics - Long term occupancy rate

Office - Long term occupancy rate

Retail Portfolio

The retail portfolio has a long-term occupancy rate of 99.0%.

The retail portfolio comprises convenience-based centres located in established suburban communities. These assets are anchored by major supermarkets and supported by a mix of fresh food, healthcare, personal services, and essential retail offerings. With a long-term occupancy rate near full capacity, the portfolio demonstrates strong tenant demand and resilience. Centres are designed to meet daily needs and foster community engagement, driving consistent foot traffic and sales. The retail strategy focuses on accessibility, tenant diversity, and experiential elements that enhance customer loyalty and performance.

Industrial/Logistics Portfolio

The industrial portfolio includes versatile, well-maintained properties located in key logistics and manufacturing corridors across major capital cities. These assets offer high-clearance warehouses, modern office integration, and excellent connectivity to transport infrastructure. With a long-term occupancy rate of 100.0%, the portfolio supports a wide range of tenants, including logistics, distribution, and manufacturing users. Sustainability features such as solar PV systems and EV charging are integrated into newer developments. The portfolio is positioned to deliver operational efficiency, scalability, and long-term value for tenants and investors alike.

Office Portfolio

The office portfolio is characterised by its strategic locations in high-amenity urban areas, offering quality accommodation at competitive rents. These assets cater predominantly to small and medium-sized tenants, which represent the most active segment of the market. Properties are typically situated near major transport links and benefit from strong occupancy rates. The portfolio emphasizes flexibility, natural light, and modern facilities that support tenant retention and satisfaction. Managed by a leading office specialist, the portfolio benefits from deep market intelligence and leasing expertise, ensuring consistent performance and tenant engagement. Office - Long term occupancy rate of 93.7%

Alternatives Portfolio

The Fund also invests in contemporary sectors such as life sciences, retail outlet, hospitality, and residential development. Through its portfolio of listed securities the Fund has historically also invested in data centres, self storage facilities and land lease communities.

Company Overview

Dexus (ASX: DXS) is a leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at 51.5 billion. The Dexus platform includes the Dexus investment portfolio and the funds management business.
Dexus directly and indirectly owns $15.3 billion of office, industrial, retail, healthcare, infrastructure and alternatives.

Dexus manages a further $36.2 billion of investments in our funds management business which provides third party capital with exposure to quality sector specific and diversified real asset products.

The funds within this business have a strong track record of delivering performance and benefit from Dexus’s capabilities. The platform’s $11.5 billion real estate development pipeline provides the opportunity to grow both portfolios and enhance future returns. Dexus believes that the strength and quality of its relationships will always be central to its success and are deeply connected to our purpose Unlock potential, create tomorrow.

Dexus' sustainability approach is focused on the priority areas where it believes it can make a significant impact: Customer Prosperity, Climate Action and Enhancing Communities. Dexus is supported by more than 38,000 investors from 26 countries. With four decades of expertise in real estate and infrastructure investment, funds management, asset management and development, we have a proven track record in capital and risk management and delivering returns for investors. www.dexus.com.

Fund Manager

Christopher Davitt is the Fund Manager for the Dexus Wholesale Australian Property Fund and has overarching responsibility for setting the Fund’s strategy and capital management. Christopher works with Dexus’s specialist teams to formulate asset plans for each of the Fund’s properties and make acquisitions and divestments.

Christopher joined Dexus in 2022 as part of Dexus’s wider acquisition AMP Capital. He joined AMP Capital in March 2010 having previously held research, transaction and funds management roles in Australia and Europe.

Risks

All investing involves risk, and you should consider investment risks before making an investment decision. The risks specific to the Fund may include or be associated with:

Property investments – factors such as investor demand for property, the demand by tenants for commercial space, rental income levels, tenants’ ability to service rental payments, the supply of new commercial space, capital expenditure and ongoing expenses for maintenance and repairs may affect the Fund’s performance.

Liquidity – assets subject to liquidity risk may be difficult to trade and it may take longer for their full value to be realised, and in circumstances where the Fund's portfolio ceases to be ‘liquid’ for Corporations Act purposes, there may be significant delays or a freeze on withdrawal requests. Market conditions may adversely impact the liquidity of assets held in a fund portfolio.

Interest rates – including the risk of capital loss in a rising interest rate environment.

Gearing – has the effect of magnifying the Fund’s returns, both positive and negative.

Derivatives – the use of derivatives may magnify any losses incurred.

Market risk – certain events may have a negative effect on the economies and financial markets worldwide or in specific countries or regions which may negatively affect the value of investments including the Fund's investments.

Product Disclosure Statement is available at:

www.dexus.com/dwapfinvest

Important note: Investors and potential investors should consider the Product Disclosure Statement (“PDS”) available from Dexus Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) (“DCFM”) for the Dexus Wholesale Australian Property Fund (“Fund”) before making any decision regarding the Fund. The PDS contains important information about investing in the Fund and it is important investors read the PDS before making a decision about whether to acquire, 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/dwapf.

DCFM is the responsible entity of the Fund and the issuer of units in the Fund. DCFM is a wholly owned subsidiary of Dexus (ASX: DXS). Any investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested. Neither DCFM, Dexus nor any other company in the Dexus group guarantees the repayment of capital or the performance of the Fund or any particular rate of return referred to in this document. Past performance is not a reliable indicator of future performance. For details of the Fund’s performance over different time periods, please refer to the Fund information page at this link: www.dexus.com/dwapf.

While every care has been taken in the preparation of this document, DCFM and Dexus make no representation or warranty as to the accuracy or completeness of any statement in it including without limitation, any forecasts. This document has been prepared for the purpose of providing general information, 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 in this document, and seek professional advice, having regard to their objectives, financial situation and needs.