EQS-Ad-hoc: Dexus Finance Pty Limited / Key word(s): AGM/EGM Dexus Finance Pty Limited: Dexus 2024 AGM Chair and CEO address 30-Oct-2024 / 04:12 CET/CEST Disclosure of an inside information
Good afternoon everyone and welcome to our 2024 Annual General Meeting. I'm Warwick Negus, Chair of the Board of Directors of Dexus Funds Management Limited.
Since this is our first Annual General Meeting with Ross in this role, I would like to formally congratulate him on his appointment. Ross' deep property investment expertise, track record of setting and delivering on strategy and his knowledge of the Dexus business has made him the ideal successor. I would like to make two important acknowledgements. First, I would like to acknowledge Penny Bingham-Hall who retired from the Board in March 2024. Penny was an Independent non-executive Director of Dexus for nearly 10 years and made a significant contribution to the Board as well as the People & Remuneration, Nomination & Governance, and Sustainability Committees.
I will now commence the meeting with my address which will provide you with an overview of our positioning and key aspects of our 2024 result. I'll then hand over to Ross who will discuss our quarterly update, the revised capital allocation framework and Dexus's medium term priorities. We will then turn to the formal aspects relating to the resolutions which were outlined in the Notice of Meeting and Explanatory Memorandum sent out on 27 September 2024.
We aspire to be known for our deep local sector expertise, our active approach to management, and most importantly as a trusted partner, investing alongside our clients.Our people, our focus on sustainability and governance, and our culture - that promotes constant evolution and improvement - are central to how we unlock potential in the business. These elements will enable us to deliver superior risk-adjusted returns over the long term.
The business is well positioned given the current phase of the investment cycle, with future returns expected to be driven through the fundamentals of asset selection, creation and asset management. We successfully completed the full integration of the AMP Capital business and delivered on the priorities that Ross announced to the market in May this year. This included refining our strategy, implementing a sector-aligned operating model, and refreshing our capital allocation framework. These achievements have positioned Dexus well for the next stage of the investment cycle.
The Board and I recently visited our Waterfront Brisbane development, where we saw a prime example of innovation coming to life. This development is underpinned by circular economy principles with the goal of minimising waste. Remarkably, 98% of the materials cleared from the site have been recycled or reused. This has been a significant achievement, and the Board and I are excited to see how the team amplify key learnings across the Dexus platform.
Against the backdrop of a continued challenging economic environment, with higher interest rates, softening office market valuations and a challenged transaction market, the FY24 outcomes reflected solid achievements . In the years since the COVID Pandemic we have experienced growing inflation and interest rates. For real assets, this has resulted in challenging conditions. The market has seen low levels of liquidity and for many borrowers, restricted access to capital. The interest rate outlook today is more certain. Direct investors are gaining greater confidence in deploying new capital.
In my time at Dexus, over 12 years, we have continually evolved, and the first six months of my leadership has seen a continuation of that, with some important changes made to the operating model, approach to capital allocation which I will talk to in a moment, and key personnel. On the people front, we recently welcomed two important new hires to our executive committee, Marjan van der Burg and Nik Kemp.
Despite a challenging operating environment, we continue to see positive momentum across the platform. Our strong balance sheet, continued focus on capital recycling, disciplined approach to capital allocation and our sector aligned operating model set us up to drive investment performance for our Security holders and clients in the next phase of the investment cycle.
Our opportunity funds have partnered with a local developer to repurpose a B Grade office building in Brisbane's CBD into a modern, purpose-built student accommodation providing 1,200-beds with an expected on-completion value of circa $500 million. In sustainability we continue to be recognised as a Global Leader by the Global Real Estate Sustainability Benchmark with 11 funds and investments across real estate and infrastructure achieving 5 Star GRESB ratings.
Our industrial portfolio occupancy of 96.2% was supported by leasing success at a Sydney outer west asset. Our $40 billion funds management business is diversified across sectors and investor types, and we have a proven track record of delivering performance for our clients which underpins the deep relationships we have with more than 130 institutional investors across Australia and internationally.co-invested with our funds or clients, enabling us to align with investors and support growth in the funds management business.
We have earmarked circa $2 billion of divestments over the next three years, which together with the completion of the committed developments, will further enhance the quality of the portfolio while maintaining a prudent level of gearing.
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