Dexus Finance Pty Limited
Dexus Finance Pty Limited: Response to Grocon media release
Dexus Finance Pty Limited / Key word(s): Real Estate Dexus (ASX: DXS) ASX release 28 October 2019 Response to Grocon media release Dexus provides the following response in relation to a Grocon media release issued on Friday 25 October 2019, relating to the appointment of a Voluntary Administrator for two Grocon Group subsidiaries: – Grocon Constructors (Qld) Pty Ltd – Grocon Constructors (Vic) Pty Ltd. Statements within the Grocon media release are factually incorrect and Dexus provides the following information for clarification. – Grocon has had debts outstanding to Dexus and a funds management partner for more than three years relating to a lease of premises at 480 Queen Street, Brisbane. – Grocon entered into several binding agreements to repay the debt owed and had not complied with these, despite repeated requests to do so and Dexus granting extensions to the scheduled payment dates. – Dexus issued statutory demands on Grocon seeking to have the debt paid and Grocon challenged these in court alleging abuse of process. It should be noted that Dexus did not commence proceedings against Grocon. – Dexus is following, and intends to continue to follow, the court’s direction (next hearing is scheduled before the Federal Court of Appeal on 22 November 2019). Dexus expects judgment to be handed down soon after the hearing. The outcome of this process has no negative impact on Dexus’s market guidance1 for the 12 months ending 30 June 2020 to deliver distribution per security growth of circa 5%. For further information please contact: Investor Relations Rowena Causley +61 2 9017 1390 +61 416 122 383 rowena.causley@dexus.com Media Relations Louise Murray +61 2 9017 1446 +61 403 260 754 louise.murray@dexus.com
Information and Explanation of the Issuer to this News: About Dexus Dexus is one of Australia’s leading real estate groups, proudly managing a high quality Australian property portfolio valued at $31.8 billion. We believe that the strength and quality of our relationships is central to our success, and are deeply committed to working with our customers to provide spaces that engage and inspire. We invest only in Australia, and directly own $15.6 billion of office and industrial properties. We manage a further $16.2 billion of office, retail, industrial and healthcare properties for third party clients. The group’s circa $8.7 billion development and concept pipeline provides the opportunity to grow both portfolios and enhance future returns. With 1.7 million square metres of office workspace across 53 properties, we are Australia’s preferred office partner. Dexus is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (trading code: DXS) and is supported by 26,000 investors from 19 countries. With 35 years of expertise in property investment, development and asset management, we have a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns for investors. www.dexus.com Download the Dexus IR app
28-Oct-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | Dexus Finance Pty Limited |
264 George Street | |
2193 Sydney | |
Australia | |
Phone: | +61 2 9017 1100 |
Fax: | +61 2 9017 1101 |
E-mail: | ir@dexus.com |
Internet: | www.dexus.com |
ISIN: | XS1961891220 |
WKN: | A2RZHG |
Listed: | Regulated Unofficial Market in Frankfurt |
EQS News ID: | 897715 |
End of Announcement | DGAP News Service |