Dexus Wholesale Australian Property Fund

A diversified commercial property fund with a focus on income


Dexus Wholesale Australian Property Fund (DWAPF) is an open-ended fund that aims to provide stable returns and long-term capital growth through investment in a diverse portfolio of quality Australian office, retail and industrial properties. It targets 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 reliable income distribution and achieving solid returns using low debt. 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. 

This fund is suitable for Financial Advisers, Direct and Wholesale Investors. It is a complying investment for the purpose of the Significant Investor Visa (SIV) program. If you are an Institutional Investor you can access information on the Dexus Wholesale Property Fund (DWPF) here.

A diversified commercial
property portfolio



DWAPF provides investors with the opportunity to invest in an established and diverse portfolio of office, retail and industrial properties which are occupied by corporate and government tenants.

Open-ended access to
commercial property



 The fund is open ended, allowing investors to choose when they invest. It provides smaller investors with access to a usually unaffordable asset class using low levels of debt to reduce risk.

Extensive experience in 
commercial property



 Our teams have expertise in all areas of property investment, including research, property management, leasing, capital transactions, development, ESG and funds management.

 

 

  • How does this fund fit into your portfolio? 

    The fund is designed for investors seeking an investment that provides a regular quarterly distribution with capital growth over the long term.

  • Description of target market for this fund

    This product is likely to be appropriate for a consumer seeking capital growth and regular income, to be used as a small allocation within a portfolio where the consumer has a long investment timeframe and a high risk/return profile.

  • Withdrawal frequency 

    Generally, withdrawal requests will be processed and paid within 12 months of receipt. 

    However, if the Responsible Entity is unable to realise sufficient assets due to circumstances beyond its control, the withdrawal request may take longer than 12 months to be satisfied. Investors should be aware that withdrawal requests can only be processed and met while the Fund is liquid. If the Fund ceases to be liquid for the purposes of the Corporations Act, the Responsible Entity will not meet withdrawal requests. 

  • Risk profile 

    The fund may be suitable for a consumer with a high risk profile, seeking to minimise potential losses (e.g., has the ability to bear four to six negative returns over a 20-year period (SRM 5 to 6)) and is comfortable with a moderate target return profile.

What are the risks?


All investments involve risk and you should consider investment risks before making an investment decision. Whilst the Fund is managed with the aim of providing income and long-term capital growth, you should be aware that the Fund is subject to investment risks, which could include delays in repayment of your investment, the non-payment of distributions and loss of capital invested.

When you invest in a managed investment scheme (including the Fund), you should be aware that: 

  • returns are not guaranteed – future returns may differ from past returns, and the level of returns may vary, and 
  • the value of your investment may vary, and there may be the risk of loss of invested capital.

Investment risks can affect your financial circumstances in a number of ways, including:

  • your investment in the Fund may not keep pace with inflation, which would reduce the future purchasing power of your money
  • the stated aims and objectives of the Fund may not be met
  • the amount of any distribution you receive from the Fund may vary or be irregular, which could have an adverse impact if you depend on regular and consistent distributions to meet your financial commitments, and
  • your investment in the Fund may decrease in value, which means you may get back less than you invested.

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 - may adversely change and impact the fund's performance 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
  • Share market investments - the value of the fund's investment in listed securities may decrease or be more volatile as a result of adverse share market movements
  • Market risk – global economic or financial market events may affect the value of the Fund's investments.
  • Capital expenditure – the Fund is exposed to the risk of higher or unforeseen capital expenditure requirements in order to maintain the quality of the buildings and tenants.
  • Development – where the Fund develops new property it may be exposed to planning risks, environmental risks, construction cost risks and leasing risks.
  • Environmental matters – the Fund is exposed to a range of environmental risks.
  • Litigation and disputes – legal and other disputes (including industrial disputes and class actions) may arise.
  • Cyber security risk – The Responsible Entity and the Fund's service providers increasingly depend on complex information technology and communication systems to conduct business functions. These systems are subject to a number of cyber threats or risks that could adversely affect the Fund and its investors.
  • Public health emergencies - pandemics and other widespread public health emergencies may affect the Fund's performance.
  • Conflicts of interest– conflicts of interest may arise from time to time because the Fund is a member of the Dexus Group, which manages a number of real estate funds; however, the Responsible Entity has policies and procedures in place to manage such conflict.

The ‘Risks of investing’ section of the Product Disclosure Statement for this fund provides further information about the risks noted above, as well as information about other investment risks of which you should be aware.

    

Product marketing name
Dexus Wholesale Australian Property Fund

APIR code
NML0001AU

Investment objective
The objective of the fund is to provide income and long-term capital growth

Minimum suggested timeframe
5 years

Distribution frequency
Quarterly

Product status
Open

Product inception date
31 Mar 1985

Minimum investment
$10,000

Risk level (1-7)
5-6

APIR code
NML0001AU

The fund's risk level is based on the estimated number of negative annual returns for the Fund over any 20-year period and is not a complete assessment of the risks of investing in the fund. For instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than an investor may require to meet their objectives. Consequently, before choosing to invest or reinvest in the fund, you should read the fund's PDS and incorporated information and consider factors such as the likely investment return, the risks of investing and your investment time frame.

Product marketing name
Dexus Wholesale Australian Property Fund

APIR code
NML0001AU

Investment objective
The objective of the fund is to provide income and long term capital growth.

Minimum suggested timeframe
5 years

Distribution frequency
Quarterly

Product status
Open

Product inception date
31 Mar 1985

Minimum investment
$10,000

Risk level (1-7)
5-6

APIR code
NML0001AU

The fund's risk level is based on the estimated number of negative annual returns for the fund over any 20 year period and is not a complete assessment of the risks of investing in the fund. For instance it does not detail what the size of a negative return could be or the potential for a positive return to be less than an investor may require to meet their objectives. Consequently, before choosing to invest or reinvest in the fund, you should read the fund's PDS and incorporated information and consider factors such as the likely investment return, the risks of investing and your investment time frame.

Unit Prices

As at 23 May 2024

1.04883

Buy

1.04883

Sell

NML0001AU

APIR Code

$10,000

Minimum investment

Buy/Sell Spreads

0.00%

Buy

0.00%

Sell

Performance

As at 31 Mar 2024

1 Month

-2.55%

3 Month

-1.50%

1 Year

-19.71%

3 Year

-1.22%

5 Year

0.66%

Since Inception

7.96%

Past performance is not a reliable indicator of future performance.

  • Historical Unit Prices

    Date

    Buy

    Sell

  • Important note: The unit prices displayed in this section are indicative only

    The unit price is determined under the Fund's constitution by reference to the net asset value and transaction costs pertaining to the relevant class of units, and the number of units on issue in that unit class. 


    The market value and net asset value of the Fund are normally determined at least each Business Day, using the market prices and unit prices of the assets in which the Fund is invested. The definition of a Business Day is contained in the Fund’s Product Disclosure Statement.


    If unit prices are not available for today then the latest available prices will be displayed. 


    The Responsible Entity may exercise certain discretions in determining the price of units in the Fund. The Unit Pricing Discretions Policy sets out the types of discretions that the Responsible Entity may exercise and in what circumstances the Responsible Entity exercises the discretions and the reasons why it considers the policies are reasonable. The Responsible Entity is required to keep a record of any instance where a discretion is exercised in a way that departs from these policies.


    The Unit Pricing Discretions Policy can be obtained by clicking on this link or a copy can be obtained, free of charge, by contacting us. 


    Unit Pricing Discretions Policy


    Unit prices are provided for your information only and are not guaranteed. They are based on historical data and you should not rely on the above information as the basis for making any investment, financial or other decision as past unit prices are not a reliable indicator of future unit prices.


    During the time it takes to process an application or redemption application, the unit price may vary and the actual unit prices applying to applications and redemptions may differ from those displayed in this section. Actual unit prices can be confirmed on receipt of a completed application or redemption form.


    AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) or any company within the Dexus Group makes any representation or warranty as to the reliability, completeness or accuracy of the unit price information or accepts any responsibility arising in any way (including by reason of negligence) for errors in or omissions from the unit price information.


    The information in this section is not an offer or recommendation of securities or other financial products offered by the Dexus Group and is not an invitation to take up securities or other financial products. Investors should consider the relevant PDS available from us for the relevant fund before making any decision regarding the product.

  • Past performance is not a reliable indicator of future performance.

    Past performance is not a reliable indicator of future performance.

    Performance is annualised for periods greater than one year. Total returns are calculated using the unit price which uses the net asset values for the relevant month end. This price may differ from the actual unit price for an investor applying for or redeeming an investment. Actual unit prices will be confirmed following any transaction by an investor. Returns quoted are before tax, after fees and costs, and assume all distributions are reinvested.

Dexus Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455) (DCFM), is the responsible entity of the Dexus Wholesale Australian Property Fund (the Fund) (ARSN 088 996 392) and the issuer of the units in the Fund. To invest in the Fund, investors will need to obtain the current Product Disclosure Statement (PDS) from DCFM. DCFM is a member of a group owned by Dexus Funds Management Limited as responsible entity of Dexus Property Trust and Dexus Operations Trust (Dexus). 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. Neither DCFM, Dexus nor any other company in the Dexus group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this information.

Past performance is not a reliable indicator of future performance. While every care has been taken in the preparation of this information, neither DCFM, Dexus nor any other company in the Dexus group company make any representation or warranty as to the accuracy or completeness of any statement in it including without limitation, any forecasts. This content 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 this information, and seek professional advice, having regard to their objectives, financial situation and needs. 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. A target market determination has been made in respect of the Fund and is available at www.dexus.com/dwapfinvest.

The Lonsec Rating (assigned December 2020) 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, November 2021) 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. 

The Zenith Fund Awards were issued 11 October 2019 by Zenith Investment Partners (ABN 27 130 132 672, AFSL 226872) and are determined using proprietary methodologies. The Fund Awards are solely statements of opinion and do not represent recommendations to purchase, hold or sell any securities or make any other investment decisions. To the extent that the Fund Awards constitutes advice, it is General Advice for Wholesale clients only without taking into account the considerations of the objectives, financial situation or needs of any specific person. Investors should seek their own independent financial advice before making any investment decision and should consider the appropriateness of advice. Investors should obtain a copy of and consider any relevant PDS or offer documents before making any investment decisions. Past performance is not an indication of future performance. Fund Awards are current for 12 months from the date awarded and are subject to change at any time. Fund Awards for previous years are referenced for historical purposes only.

The Core Property rating (assigned in October 2020) presented in this document has been prepared and issued by Core Property Research Pty Ltd (“Core Property”), which is an Authorised Representative ASIC number 001257225 of Odyssey Capital Funds Management Ltd (AFSL No. 297283), and trading as Core Property. Whilst the information contained in the report has been prepared with all reasonable care from sources that Core Property believes are reliable, no responsibility or liability is accepted by Core Property for any errors, omissions or misstatements however caused. Past performance information is for illustrative purposes only and is not indicative of future performance. The Core Property publication is not and should not be construed as, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information only. Neither Core Property nor the Participant is aware that any recipient intends to rely on this Report or of the manner in which a recipient intends to use it. To access the full report, please click here (https://www.coreprop.com.au/#!/unlisted-fund-research). The rating is subject to change without notice and Core Property assumes no obligation to update the report.

 
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