Dexus Said to Be in Talks to Sell Assets to Heitman, Korean Fund
Heitman is negotiating with Dexus on behalf of the South Korean fund, said the person, who asked not to be identified as the talks are private. David Yates, a Sydney-based Dexus spokesman, declined to comment on the deal.
Margot Olcay, a spokeswoman for Heitman at New York-based public relations firm Rubenstein Associates Inc., declined to comment. Hwang Jae Kwang, a spokesman for the National Pension Service, couldn’t be reached on his mobile phone as he was traveling overseas.
The company is in exclusive, non-binding negotiations with a buyer for most of the U.S. assets, Dexus said on Nov. 29. The company, which completed the sale of 65 industrial properties in the U.S. for $770 million to Blackstone Group LP in June, plans to move out of the U.S. entirely as it focuses on the Australian business, Chief Executive Officer Darren Steinberg said in August.
Dexus will sell some of the properties to Heitman’s domestic fund and some to the Korean fund to be managed by Heitman, the Australian Financial Review reported yesterday, without citing anyone. Dexus may also sell some assets to a third group, the newspaper said.
Heitman is a closely held Chicago-based real estate investment management company.
To contact the reporter on this story: Nichola Saminather in Sydney at firstname.lastname@example.org
To contact the editor responsible for this story: Andreea Papuc at email@example.com