dexus property group (asx: dxs) · 2016-06-23 · dexus property group (asx: dxs) asx release 19...

DEXUS Property Group (ASX: DXS) ASX release

19 August 2013 2013 Portfolio and debt summary

DEXUS Funds Management Limited, as responsible entity for DEXUS Property Group (DXS), provides the 2013 portfolio and debt summary.

The property synopsis spread sheet is available on our website at www.dexus.com For further information please contact: Investor relations Media relations

David Yates T: +61 2 9017 1424 M: 0418 861 047 E: [email protected]

Louise Murray T: +61 2 9017 1446 M: 0403 260 754 E: [email protected]

About DEXUS DEXUS Property Group (DEXUS) is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With over $13 billion of assets under management, DEXUS also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners. DEXUS manages an office portfolio of over 900,000 square metres across Sydney, Melbourne, Brisbane and Perth and is one of the largest institutional owners of office buildings in the Sydney CBD, Australia’s largest office market. DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange under the stock market trading code ‘DXS’ and is supported by more than 18,000 investors from 15 countries. With over 25 years of experience in commercial property investment, development and asset management, DEXUS has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns to investors. www.dexus.com

Download the DEXUS IR app to your preferred mobile device to gain instant access to the latest stock price, ASX Announcements, presentations, reports, webcasts and more.

DEXUS Funds Management Ltd ABN 24 060 920 783, AFSL 238163, as Responsible Entity for DEXUS Property Group (ASX: DXS)

www.dexus.com

2013 PORTFOLIO AND DEBT SUMMARY

DEXUS

DXS portfolio $7.3bn Third Party Funds Management $6.1bn

Office $5.7bn Industrial $1.6bn Office $2.1bn Industrial $0.9bn Retail $3.1bn

DEXUS PROPERTY GROUP

DEXUS PROPERTY GROUP 2013 PORTFOLIO AND DEBT SUMMARY

ww

DXS PORTFOLIO 2

DEBT SUMMARY 4

OFFICE PORTFOLIO 7

INDUSTRIAL PORTFOLIO 24

DIRECTORY 47

DEXUS Property Group is one of Australia’s leading real estate groups, investing directly in high quality Australian office and industrial properties. With over $13 billion of assets under management, DEXUS also actively manages office, industrial and retail properties located in key Australian markets on behalf of third party capital partners.

DEXUS manages an office portfolio of over 900,000 square metres across Sydney, Melbourne, Brisbane and Perth and is one of the largest institutional owners of office buildings in the Sydney CBD, Australia’s largest office market.

DEXUS is a Top 50 entity by market capitalisation listed on the Australian Securities Exchange (ASX) under the stock market trading code ‘DXS’ and is supported by more than 18,000 investors from 15 countries. With over 25 years of experience in property investment, development and asset management, DEXUS has a proven track record in capital and risk management, providing service excellence to tenants and delivering superior risk-adjusted returns to investors.

123PROPERTIES

TOTAL NLA

3.0m sqm

OCCUPANCY BY AREA

95.7%

LEASE DURATION

4.3 years

A$13.4bnDEXUS PROPERTY GROUP

1DEXUS PROPERTY GROUP 2013 PORTFOLIO AND DEBT SUMMARY

DXS PORTFOLIO

TOTAL PROPERTIES

84TOTAL VALUE

$7.3bnTOTAL NLA

1.8m sqm

OCCUPANCY BY AREA

95.3%LEASE DURATION

4.8 yearsWEIGHTED AVERAGE CAP RATE

7.47%

DEXUS PROPERTY GROUP 2013 PORTFOLIO AND DEBT SUMMARY2

DXS PORTFOLIO

OFFICE $5.7bnINDUSTRIAL $1.6bn

CANBERRA

PERTH

MELBOURNE

BRISBANE

SYDNEYADELAIDE

AUCKLAND

$7.3bn

DXS portfolio diversification

OFFICE 78%INDUSTRIAL 22%

DEXUS PROPERTY GROUP 2013 PORTFOLIO AND DEBT SUMMARY 3

DEBT SUMMARYDEBT SUMMARY

Debt overview

Key metrics 30 June 2013 30 June 2012 Change

Total debt $2,167m $1,941m $226m

Cost of debt1 5.9% 6.1% (0.2%)

Gearing2 29.0% 27.2% 1.8%

Headroom (approximately)3 $0.3bn $0.6bn ($0.3bn)

Debt duration 5.4 years 4.2 years 1.2 years

S&P/Moody’s rating BBB+/Baa1 BBB+/Baa1

Covenant gearing (covenant4 <55%) 29.1% 27.8% 1.3%

Interest cover (covenant4 >2.0x) 4.0x 3.8x 0.2x

Priority debt (covenant4 <30%) 0% 1.1% (1.1%)

1. Weighted average of fixed and floating rates for the current period, inclusive of fees and margins on a drawn basis.

2. Gearing is represented by Interest Bearing Liabilities (excluding deferred borrowing costs and including the currency impact of cross currency swaps) less cash divided by Total Tangible Assets (excluding derivatives and deferred tax assets) less cash. Covenant gearing is the same definition but not adjusted for cash.

3. Undrawn facilities plus cash.

4. As per public bond covenants.

DEBT SUMMARYDEXUS maintains a track record of financial strength and prudent capital management and one of the strongest balance sheets in the listed A-REIT sector.

4 DEXUS PROPERTY GROUP 2013 PORTFOLIO AND DEBT SUMMARY

Debt sources1

Bank – unsecured 51%MTN 23%144A 9%USPP 17%

1. Includes US$300m of US Private Placement notes that settled in July 2013 and associated cancellation of A$225m of bank facilities.

Debt maturity profile1

0

100

200

300

400

500

600

700

800

900

FY19+Jun-18Dec-17Jun-17Dec-16Jun-16Dec-15Jun-15Dec-14Jun-14Dec-13

BANK CAPITAL MARKETS

1. Includes US$300m of US Private Placement notes that settled in July 2013 and associated cancellation of A$225m of bank facilities.

Hedge maturity profile

0

500

1,000

1,500

2,000

Avg. FY18+FY17FY16FY15FY14FY13

NET FIXED RATE DEBT INTEREST RATE CAPS INTEREST RATE SWAPS WEIGHTED AVERAGE HEDGE RATES

0

2

4

6

8


DEBT SUMMARY

Interest rate hedging profile

Interest rate hedging1 June 13 June 14 June 15 June 16 June 17 June 18 Avg June 19+4

A$ net fixed coupon debt2 276 360 360 360 330 205 11

A$ interest rate swaps 804 764 793 746 574 328 70

A$ interest rate caps 78 240 240 232 70 0 0

A$m total hedged 1,159 1,364 1,393 1,338 973 533 81

A$ hedge rate (ex margin)3 4.04% 3.94% 3.99% 4.12% 4.21% 4.32% 5.68%

Total hedged (A$m equivalent) 1,353 1,364 1,393 1,338 973 533 81

Hedge rate (excl margin) 3.88% 3.94% 3.99% 4.12% 4.21% 4.32% 5.68%

1. Average amount during the period.

2. Gross fixed coupon debt less the amount converted to floating rate basis via coupon-matched swaps.

3. Weighted average rate of fixed debt, swaps and caps for the period. Caps included at a rate equal to the lower of cap strike and forecast floating rate for the applicable period.

4. Hedging period FY19-FY20.

Debt facilities

Facility limitA$’m

DrawnA$’m Maturity dates Currency

Bilateral bank debt 105.0 41.0 Jan 15 A$

225.0 67.0 Oct 15 – Dec 15 A$

440.0 387.6 Feb 16 – Sep 16 A$

257.4 194.0 Oct 16 – Dec 16 A$, US$

350.0 350.0 Jul 17 – Feb 18 A$

150.0 150.0 Jan 19 A$

Medium term notes 160.0 160.0 Jul 14 A$

210.0 210.0 Apr 17 A$

205.0 205.0 Sep 18 A$

US senior notes (144A)1 238.8 238.8 Mar 21 US$

US senior notes (USPP)1 127.0 127.0 Dec 14 – Mar 172 US$

Subtotal 2468.2 2130.4

Currency translation 48.2 48.2

Total interest bearing liabilities 2516.4 2178.6

Bank Guarantee Utilised 31.9

Cash 14.9

Headroom inc cash 320.8

1. 144A and USPP amount translated at the cross currency swap contract exchange rate. Excludes US$300m USPP that settled in July 2013.

2. USPP maturities: US$78m December 2014, US$11m March 2015, US$19m December 2016, US$22m March 2017.


OFFICE PORTFOLIOThe DXS office portfolio comprises over 87% of prime grade properties located in the Sydney, Melbourne, Brisbane and Perth CBD markets.

KEY STATISTICS

30 June 2013 30 June 2012

Total value ($bn) 5.7 4.7

Total properties 36 28

Total net lettable area (sqm) 682,207 596,111

Number of tenants 699 553

Tenant retention rate (%) 72 66

Occupancy (by area) (%) 94.4 97.1

Occupancy (by income) (%) 94.6 96.8

Lease duration (years) 5.0 4.9

Weighted average capitalisation rate (%) 7.17 7.30

1 year total return (%) 10.6 9.5

Average NABERS Energy rating (stars) 4.7 3.9

Average NABERS Water rating (stars) 3.5 3.3


OFFICE PORTFOLIO

Property type by book value Geographical weighting by book value

Diversity of tenants by income

Office lease expiry profile

0%

10%

20%

30%

40%

50%

60%

FY18+FY17FY16FY15FY14Vacant

AREA INCOME

5.6% 5.6%5.4% 5.4%

13.2%15.5%

10.4%10.4%9.6%10.2%

55.8%52.9%

Sydney 65%Melbourne 13%Brisbane 10%Perth 9%Canberra 1%Auckland 2%

Finance 12%Government 12%Property & Business Services 10%Parking 9%Telecoms & IT 6%Insurance 5%Legal & Accounting 19%Mining 14%Other 13%

Premium 39%A-grade 48%B-grade 6%Office & business parks 3%Carparks 3%Land 1%

Canberra

Perth

Brisbane

CanberraSydney

Auckland

Melbourne

SYDNEY416,577sqm61% area$3,687 value65% value21 properties

MELBOURNE120,829sqm18% area$725m value13% value7 properties

PERTH47,264sqm7% area$509m value9% value2 properties

CANBERRA22,551sqm3% area$79m value1% value2 properties

BRISBANE55,405sqm8% area$579m value10% value3 properties

AUCKLAND19,581sqm3% area$107m value2% value1 property


Sustainability highlights

DXS office energy consumption/intensity

636.3

536.6 504.9

465.5 419.2 404.8

Meg

ajou

les/

sqm

0

100

200

300

400

500

600

700

FY13FY12FY11FY10FY09FY08

36.4% reduction

DXS office water consumption/intensity

880.9 812.5 769.4

696.2 649.2 655.8

0100200300400500600700800900

1,000


25.6% reduction

Litr

es/s

qm

DXS office greenhouse gas emission/intensity

140.8

120.5 114.8103.0

91.985.2

0

20

40

60

80

100

120

140

160


39.5% reduction

KgC

O2-e

/sqm

NABERS ratings

NABERS Energy NABERS Water

30 June 2013 30 June 2012 30 June 2013 30 June 2012

Rating status Inc GP Ex GP Inc GP Ex GP Inc GP Inc GP

The Zenith, 821 Pacific Highway, Chatswood 5.0 4.5 4.0 3.0 4.0 3.0

11 Talavera Road, Macquarie Park 4.5 4.0 3.5 3.5 4.5 4.0

40-50 Talavera Road, Macquarie Park 3.0 3.0 1.5 1.5 3.0 2.0

130 George Street, Parramatta1 5.0 4.5 – – 4.0 3.5

Victoria Cross, 60 Miller Street, North Sydney 4.5 4.0 4.0 3.5 3.5 3.5

45 Clarence Street, Sydney 5.5 5.0 5.0 5.0 3.5 3.5

201-217 Elizabeth Street, Sydney 4.5 3.5 3.5 3.5 3.5 3.0

Governor Phillip Tower, 1 Farrer Place, Sydney 4.5 3.5 4.5 3.5 3.5 3.5

Governor Macquarie Tower, 1 Farrer Place, Sydney 4.5 4.0 4.5 4.0 3.5 3.5

Australia Square — Tower 4.0 3.5 4.5 4.0 4.0 4.0

Australia Square — Plaza 5.0 5.0 5.0 4.5 4.0 4.0

309 Kent Street, Sydney 5.5 4.5 5.0 4.5 4.0 3.5

321 Kent Street, Sydney 5.5 5.0 5.0 4.5 4.0 3.5

383-395 Kent Street, Sydney 4.5 4.0 4.5 4.0 4.0 4.0

One Margaret Street, Sydney 5.5 5.0 5.0 4.5 3.0 2.5

44 Market Street, Sydney 5.0 4.5 3.5 2.5 3.0 2.5

30-34 Hickson Road, Sydney 5.5 5.0 5.0 4.5 3.5 3.5

Garema Court, 140-180 City Walk, Canberra 5.0 4.5 5.0 4.5 2.5 1.5

14 Moore Street, Canberra 4.5 3.5 4.0 3.5 3.0 3.0

172 Flinders Gate, Melbourne1 3.5 3.0 3.0 2.5 3.0 3.0

189 Flinders Gate, Melbourne1 4.0 3.5 4.0 3.5 1.5 1.5

8 Nicholson Street, Melbourne 3.5 3.0 3.5 3.5 3.5 3.5

Southgate Complex — HWT Tower 4.5 4.0 4.0 3.5 4.0 3.5

Southgate Complex — IBM Tower 4.5 4.0 4.0 3.5 3.5 4.0

Woodside Plaza, 240 St Georges Terrace, Perth 5.0 4.5 3.5 3.0 2.5 2.5

Average 4.7 4.2 3.9 3.5 3.5 3.3


OFFICE PORTFOLIO

Summary of Properties

Property address State Metro area Building typeOwnership

(%)

Lettable area

adjusted for ownership ('000sqm)

Acquisition date

Book value 30 June 13

($m)

Independent valuation

date


($m) Cap rate (%)Leased by

area (%)

Weighted average

lease expiry by income

(years)

AIFRS NOI 12 mths to 30 June 13

($m)

14 Moore Street, Canberra ACT Canberra CBD B-grade 100% 11.1 May 02 $24.0 Jun 13 $24.0 10.00% 11% 0.8 1.8

Garema Court, 140-180 City Walk, Canberra ACT Canberra CBD A-grade 100% 11.4 Aug 00 $55.1 Dec 11 $29.5 7.50% 99% 9.9 4.0

The Zenith, 821 Pacific Highway, Chatswood NSW Chatswood A-grade 50% 22.2 Dec 98 $120.2 Mar 13 $120.0 8.50% 97% 4.0 8.9

11 Talavera Road, Macquarie Park NSW Macquarie Park Office park 100% 35.8 Jun 02 $146.6 Mar 13 $145.0 8.50% 88% 4.0 10.2

40-50 Talavera Road, Macquarie Park NSW Macquarie Park Business park 100% 13.3 Oct 02 $29.5 Dec 11 $31.5 10.00% 100% 2.5 2.0

Victoria Cross, 60 Miller Street, North Sydney NSW North Sydney A-grade 100% 19.5 Dec 98 $147.8 Sep 12 $146.0 7.35% 100% 4.2 9.2

130 George Street, Parramatta NSW Parramatta CBD B-grade 100% 19.8 May 97 $77.2 Dec 10 $77.0 8.50% 100% 2.6 6.2

105 Phillip Street, Parramatta NSW Parramatta CBD Land 100% May 97 $8.0 Dec 10 $8.0

1 Bligh Street, Sydney NSW Sydney CBD Premium grade 33% 14.2 Aug 00 $250.3 Jun 13 $250.3 6.13% 95% 8.4 11.6

45 Clarence Street, Sydney NSW Sydney CBD A-grade 100% 32.1 Dec 98 $256.7 Jun 11 $247.5 7.00% 99% 3.4 13.4

201-217 Elizabeth Street, Sydney NSW Sydney CBD A-grade 50% 19.4 Aug 00 $144.0 Jun 11 $144.0 7.25% 95% 2.5 9.6

Governor Phillip & Macquarie Tower Complex, 1 Farrer Place, Sydney

NSW Sydney CBD Premium grade 50% 43.3 Dec 98 $671.8 Dec 12 $670.0 6.25% 96% 3.4 34.6

Grosvenor Place, 225 George Street, Sydney NSW Sydney CBD Premium grade 25% 21.3 Feb 13 $289.2 Feb 13 $271.3 6.38% 88% 5.7 4.3

Australia Square Complex, 264-278 George Street, Sydney NSW Sydney CBD A-grade 50% 26.5 Aug 00 $305.0 Jun 13 $305.0 6.69% 92% 5.3 15.0

30 The Bond, 30-34 Hickson Road, Sydney NSW Sydney CBD A-grade 100% 19.7 May 02 $179.0 Jun 13 $179.0 7.00% 100% 5.5 10.1

50 Carrington Street, Sydney NSW Sydney CBD B-grade 100% 11.3 Nov 12 82% 3.7 1.6

309-321 Kent Street, Sydney NSW Sydney CBD A-grade 50% 23.5 Dec 98 $194.0 Jun 12 $191.0 7.11% 88% 3.5 10.4

383-395 Kent Street, Sydney NSW Sydney CBD A-grade 100% 18.0 Sep 87 $136.9 Dec 11 $133.0 7.00% 91% 6.3 6.9

One Margaret Street, Sydney NSW Sydney CBD A-grade 100% 21.0 Dec 98 $192.8 Sep 12 $186.0 6.88% 92% 6.1 11.4

44 Market Street, Sydney NSW Sydney CBD A-grade 100% 30.1 Sep 87 $241.0 Jun 13 $241.0 7.00% 100% 4.5 14.5

39 Martin Place, Sydney NSW Sydney CBD B-grade 50% 8.6 Feb 13 $79.6 Feb 13 $74.9 7.51% 83% 4.1 1.7

2 & 4 Dawn Fraser Avenue, Sydney Olympic Park NSW Sydney Olympic Park Office park 50% 17.1 Feb 13 $87.2 Feb 13 $82.7 7.88% 100% 5.0 2.2

123 Albert Street, Brisbane QLD Brisbane CBD Premium grade 100% 39.3 Oct 84 $401.4 Mar 13 $400.0 6.75% 100% 7.8 23.2

12 Creek Street, Brisbane QLD Brisbane CBD A-grade 50% 16.1 Oct 12 $129.0 Oct 12 $120.8 7.25% 84% 4.1 5.8

480 Queen Street, Brisbane QLD Brisbane CBD Development site 50% Apr 13 $48.7

Flinders Gate Complex, 172 Flinders Street and 189 Flinders Lane, Melbourne

VIC Melbourne CBD B-grade 100% 8.8 Mar 99 $30.6 Jun 11 $28.5 8.25% 94% 1.6 2.2

8 Nicholson Street, Melbourne VIC Melbourne CBD A-grade 100% 23.5 Nov 93 $99.0 Jun 12 $93.5 8.00% 100% 5.0 8.0

40 Market Street, Melbourne VIC Melbourne CBD B-grade 100% 12.0 Jan 13 100% 5.5 2.5

Southgate Complex, 3 Southgate Avenue, Southbank VIC Melbourne CBD A-grade 100% 76.5 Aug 00 $425.2 Jun 12 $418.4 7.75% 96% 4.6 30.5

Woodside Plaza, 240 St Georges Terrace, Perth WA Perth CBD Premium grade 100% 47.3 Jan 01 $480.2 Jun 12 $460.0 7.75% 100% 4.8 31.4

Kings Square, 376 Wellington Street, Perth WA Perth CBD Development site 50% May 13 $28.8

Lumley Centre, 88 Shortland Street, Auckland Auckland Auckland CBD Premium grade 100% 19.6 Sep 05 $107.4 Jun 13 $107.4 7.63% 100% 3.8 8.1

383-395 Kent Street, Sydney NSW Sydney CBD Carpark 100% Sep 87 $64.0 Dec 11 $64.0 7.75% 100% 10.0 5.7

32-44 Flinders Street, Melbourne VIC Melbourne CBD Carpark 100% Jun 98 $29.9 Jun 11 $29.5 8.00% 100% 7.8 2.3

Flinders Gate Complex, 172 Flinders Street, Melbourne VIC Melbourne CBD Carpark 100% Mar 99 $54.2 Jun 11 $54.0 8.25% 100% 10.0 4.4

34-60 Little Collins Street, Melbourne VIC Melbourne CBD Carpark 100% Nov 84 $36.1 Jun 11 $39.2 9.00% 100% 9.8 3.8


Summary of Properties


(%)

Lettable area


Acquisition date


($m)


date


($m) Cap rate (%)Leased by

area (%)

Weighted average


(years)


($m)

14 Moore Street, Canberra ACT Canberra CBD B-grade 100% 11.1 May 02 $24.0 Jun 13 $24.0 10.00% 11% 0.8 1.8

Garema Court, 140-180 City Walk, Canberra ACT Canberra CBD A-grade 100% 11.4 Aug 00 $55.1 Dec 11 $29.5 7.50% 99% 9.9 4.0

The Zenith, 821 Pacific Highway, Chatswood NSW Chatswood A-grade 50% 22.2 Dec 98 $120.2 Mar 13 $120.0 8.50% 97% 4.0 8.9

11 Talavera Road, Macquarie Park NSW Macquarie Park Office park 100% 35.8 Jun 02 $146.6 Mar 13 $145.0 8.50% 88% 4.0 10.2

40-50 Talavera Road, Macquarie Park NSW Macquarie Park Business park 100% 13.3 Oct 02 $29.5 Dec 11 $31.5 10.00% 100% 2.5 2.0

Victoria Cross, 60 Miller Street, North Sydney NSW North Sydney A-grade 100% 19.5 Dec 98 $147.8 Sep 12 $146.0 7.35% 100% 4.2 9.2

130 George Street, Parramatta NSW Parramatta CBD B-grade 100% 19.8 May 97 $77.2 Dec 10 $77.0 8.50% 100% 2.6 6.2

105 Phillip Street, Parramatta NSW Parramatta CBD Land 100% May 97 $8.0 Dec 10 $8.0

1 Bligh Street, Sydney NSW Sydney CBD Premium grade 33% 14.2 Aug 00 $250.3 Jun 13 $250.3 6.13% 95% 8.4 11.6

45 Clarence Street, Sydney NSW Sydney CBD A-grade 100% 32.1 Dec 98 $256.7 Jun 11 $247.5 7.00% 99% 3.4 13.4

201-217 Elizabeth Street, Sydney NSW Sydney CBD A-grade 50% 19.4 Aug 00 $144.0 Jun 11 $144.0 7.25% 95% 2.5 9.6

Governor Phillip & Macquarie Tower Complex, 1 Farrer Place, Sydney

NSW Sydney CBD Premium grade 50% 43.3 Dec 98 $671.8 Dec 12 $670.0 6.25% 96% 3.4 34.6

Grosvenor Place, 225 George Street, Sydney NSW Sydney CBD Premium grade 25% 21.3 Feb 13 $289.2 Feb 13 $271.3 6.38% 88% 5.7 4.3

Australia Square Complex, 264-278 George Street, Sydney NSW Sydney CBD A-grade 50% 26.5 Aug 00 $305.0 Jun 13 $305.0 6.69% 92% 5.3 15.0

30 The Bond, 30-34 Hickson Road, Sydney NSW Sydney CBD A-grade 100% 19.7 May 02 $179.0 Jun 13 $179.0 7.00% 100% 5.5 10.1

50 Carrington Street, Sydney NSW Sydney CBD B-grade 100% 11.3 Nov 12 82% 3.7 1.6

309-321 Kent Street, Sydney NSW Sydney CBD A-grade 50% 23.5 Dec 98 $194.0 Jun 12 $191.0 7.11% 88% 3.5 10.4

383-395 Kent Street, Sydney NSW Sydney CBD A-grade 100% 18.0 Sep 87 $136.9 Dec 11 $133.0 7.00% 91% 6.3 6.9

One Margaret Street, Sydney NSW Sydney CBD A-grade 100% 21.0 Dec 98 $192.8 Sep 12 $186.0 6.88% 92% 6.1 11.4

44 Market Street, Sydney NSW Sydney CBD A-grade 100% 30.1 Sep 87 $241.0 Jun 13 $241.0 7.00% 100% 4.5 14.5

39 Martin Place, Sydney NSW Sydney CBD B-grade 50% 8.6 Feb 13 $79.6 Feb 13 $74.9 7.51% 83% 4.1 1.7

2 & 4 Dawn Fraser Avenue, Sydney Olympic Park NSW Sydney Olympic Park Office park 50% 17.1 Feb 13 $87.2 Feb 13 $82.7 7.88% 100% 5.0 2.2

123 Albert Street, Brisbane QLD Brisbane CBD Premium grade 100% 39.3 Oct 84 $401.4 Mar 13 $400.0 6.75% 100% 7.8 23.2

12 Creek Street, Brisbane QLD Brisbane CBD A-grade 50% 16.1 Oct 12 $129.0 Oct 12 $120.8 7.25% 84% 4.1 5.8

480 Queen Street, Brisbane QLD Brisbane CBD Development site 50% Apr 13 $48.7

Flinders Gate Complex, 172 Flinders Street and 189 Flinders Lane, Melbourne

VIC Melbourne CBD B-grade 100% 8.8 Mar 99 $30.6 Jun 11 $28.5 8.25% 94% 1.6 2.2

8 Nicholson Street, Melbourne VIC Melbourne CBD A-grade 100% 23.5 Nov 93 $99.0 Jun 12 $93.5 8.00% 100% 5.0 8.0

40 Market Street, Melbourne VIC Melbourne CBD B-grade 100% 12.0 Jan 13 100% 5.5 2.5

Southgate Complex, 3 Southgate Avenue, Southbank VIC Melbourne CBD A-grade 100% 76.5 Aug 00 $425.2 Jun 12 $418.4 7.75% 96% 4.6 30.5

Woodside Plaza, 240 St Georges Terrace, Perth WA Perth CBD Premium grade 100% 47.3 Jan 01 $480.2 Jun 12 $460.0 7.75% 100% 4.8 31.4

Kings Square, 376 Wellington Street, Perth WA Perth CBD Development site 50% May 13 $28.8

Lumley Centre, 88 Shortland Street, Auckland Auckland Auckland CBD Premium grade 100% 19.6 Sep 05 $107.4 Jun 13 $107.4 7.63% 100% 3.8 8.1

383-395 Kent Street, Sydney NSW Sydney CBD Carpark 100% Sep 87 $64.0 Dec 11 $64.0 7.75% 100% 10.0 5.7

32-44 Flinders Street, Melbourne VIC Melbourne CBD Carpark 100% Jun 98 $29.9 Jun 11 $29.5 8.00% 100% 7.8 2.3

Flinders Gate Complex, 172 Flinders Street, Melbourne VIC Melbourne CBD Carpark 100% Mar 99 $54.2 Jun 11 $54.0 8.25% 100% 10.0 4.4

34-60 Little Collins Street, Melbourne VIC Melbourne CBD Carpark 100% Nov 84 $36.1 Jun 11 $39.2 9.00% 100% 9.8 3.8


OFFICE PORTFOLIO

_14 Moore Street, Canberra_

_

_Garema Court, 140-180 CityWalk, Canberra_

_

_The Zenith, 821 Pacific Highway,Chatswood_

_The 14 level office tower comprises a groundfloor level foyer, 13 upper levels of officeaccommodation and two levels of basementcar parking. The property is located in thenorth-west quadrant of Civic, the mainfinancial precinct in Canberra.

_

Garema Court is located in Civic in Canberra'sCBD, close to Canberra's shopping precinct,bus interchange and major car parks.Significant refurbishment was completed in2012.

_

The Zenith is a twin-tower office complex,located in the Chatswood commercial precinctbetween the Pacific Highway and the NorthShore railway line. The towers each have 21levels of A-grade office accommodation,ground floor retail space, a 250 seat theatreand five levels of basement parking.

__Details_Metro area Canberra CBD________________________________________Building type B Grade Office________________________________________Title Leasehold________________________________________Ownership DXS 100________________________________________Zoning CZ1: Core Zone________________________________________Year built 1986________________________________________Site area (hectares) 0.2________________________________________Lettable area ('000 m2) 11.1________________________________________Typical floor (m2) 870________________________________________Car parking 63________________________________________NABERS Energy rating(with GreenPower)

4.5________________________________________NABERS Energy rating(without GreenPower)

3.5________________________________________NABERS Water rating 3.0________________________________________Major tenant CB Richard Ellis________________________________________Acquisition date May 2002________________________________________Book value $m $24.0________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $24.0________________________________________Market cap rate (%) 10.00________________________________________Initial yield (%) -3.09________________________________________Discount rate (%) 10.50________________________________________Leased by area (%) 11________________________________________Weighted lease term by income (year/s) 0.8________________________________________Available (%) 89________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 2________________________________________2020 (%) 0________________________________________2021 (%) 9________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Canberra CBD________________________________________Building type A Grade Office________________________________________Title Leasehold________________________________________Ownership DXS 100________________________________________Zoning CZ1 Core Zone - City Centre Precinct________________________________________Year built 1997________________________________________Site area (hectares) 0.2________________________________________Lettable area ('000 m2) 11.4________________________________________Typical floor (m2) 1625________________________________________Car parking 68________________________________________NABERS Energy rating(with GreenPower)


4.5________________________________________NABERS Water rating 2.5________________________________________Major tenant Commonwealth of Australia________________________________________Acquisition date Aug 2000________________________________________Book value $m $55.1________________________________________Independent valuation date Dec 2011________________________________________Independent valuation $m $29.5________________________________________Market cap rate (%) 7.50________________________________________Initial yield (%) 7.46________________________________________Discount rate (%) 9.00________________________________________Leased by area (%) 99________________________________________Weighted lease term by income (year/s) 9.9________________________________________Available (%) 2________________________________________2014 (%) 3________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 2________________________________________2019 (%) 3________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 90________________________________________

_Details_Metro area Chatswood________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner GPT Wholesale Office Fund________________________________________Zoning B3 Commercial Core________________________________________Year built 1987________________________________________Site area (hectares) 0.8________________________________________Lettable area ('000 m2) 44.4________________________________________Lettable area adjusted ('000 m2) 22.2________________________________________Typical floor (m2) 1050________________________________________Car parking 799________________________________________NABERS Energy rating(with GreenPower)


4.5________________________________________NABERS Water rating 4.0________________________________________Major tenant State of NSW________________________________________Acquisition date Dec 1998________________________________________Book value $m $120.2________________________________________Independent valuation date Mar 2013________________________________________Independent valuation $m $120.0________________________________________Market cap rate (%) 8.50________________________________________Initial yield (%) 9.14________________________________________Discount rate (%) 9.25________________________________________Leased by area (%) 97________________________________________Weighted lease term by income (year/s) 4.0________________________________________Available (%) 3________________________________________2014 (%) 17________________________________________2015 (%) 17________________________________________2016 (%) 8________________________________________2017 (%) 7________________________________________2018 (%) 24________________________________________2019 (%) 4________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 8________________________________________2023+ (%) 12________________________________________


_11 Talavera Road, MacquariePark_

_

_40-50 Talavera Road, MacquariePark_

_

_Victoria Cross, 60 Miller Street,North Sydney_

_Located in the Macquarie Park corridorapproximately 10kms north of the SydneyCBD, the office park consists of three modernoffice buildings with two street frontages. Thecomplex is also serviced by a childcare centre,gym and sporting facilities.

_

40-50 Talavera Road is a three leveloffice/warehouse building. The property islocated at the corner of Talavera andKhartoum Roads in Macquarie Park, NSW. Ithas four different access points, which providefurther flexibility for individual tenancies.

_

Victoria Cross is located in a prominent cornerposition within the North Sydney CBD. Thebuilding comprises 12 levels of officeaccommodation, two levels of retail and threelevels of basement parking for 180 vehicles.

__Details_Metro area Macquarie Park________________________________________Building type Office Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B7 Business Park & B3 Commercial Core________________________________________Year built 2000________________________________________Site area (hectares) 3.6________________________________________Lettable area ('000 m2) 35.8________________________________________Car parking 1030________________________________________NABERS Energy rating(with GreenPower)


4.0________________________________________NABERS Water rating 4.5________________________________________Major tenant George Weston Foods________________________________________Acquisition date Jun 2002________________________________________Book value $m $146.6________________________________________Independent valuation date Mar 2013________________________________________Independent valuation $m $145.0________________________________________Market cap rate (%) 8.50________________________________________Initial yield (%) 7.75________________________________________Discount rate (%) 9.00________________________________________Leased by area (%) 88________________________________________Weighted lease term by income (year/s) 4.0________________________________________Available (%) 12________________________________________2014 (%) 9________________________________________2015 (%) 2________________________________________2016 (%) 16________________________________________2017 (%) 25________________________________________2018 (%) 0________________________________________2019 (%) 12________________________________________2020 (%) 3________________________________________2021 (%) 21________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Macquarie Park________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B7 Business Park________________________________________Year built 1974________________________________________Site area (hectares) 2.5________________________________________Lettable area ('000 m2) 13.3________________________________________Car parking 314________________________________________NABERS Energy rating(with GreenPower)


3.0________________________________________NABERS Water rating 3.0________________________________________Major tenant BAE Systems Australia________________________________________Acquisition date Oct 2002________________________________________Book value $m $29.5________________________________________Independent valuation date Dec 2011________________________________________Independent valuation $m $31.5________________________________________Market cap rate (%) 10.00________________________________________Initial yield (%) 9.23________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 2.5________________________________________Available (%) 4________________________________________2014 (%) 0________________________________________2015 (%) 9________________________________________2016 (%) 62________________________________________2017 (%) 16________________________________________2018 (%) 0________________________________________2019 (%) 9________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area North Sydney________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Commercial (3a)________________________________________Year built 1987________________________________________Site area (hectares) 0.4________________________________________Lettable area ('000 m2) 19.5________________________________________Typical floor (m2) 1150________________________________________Car parking 180________________________________________NABERS Energy rating(with GreenPower)


4.0________________________________________NABERS Water rating 3.5________________________________________Major tenant Carnival________________________________________Acquisition date Dec 1998________________________________________Book value $m $147.8________________________________________Independent valuation date Sep 2012________________________________________Independent valuation $m $146.0________________________________________Market cap rate (%) 7.35________________________________________Initial yield (%) 8.04________________________________________Discount rate (%) 9.00________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 4.2________________________________________2014 (%) 0________________________________________2015 (%) 19________________________________________2016 (%) 14________________________________________2017 (%) 25________________________________________2018 (%) 29________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 1________________________________________2022 (%) 0________________________________________2023+ (%) 12________________________________________


OFFICE PORTFOLIO

_105 Phillip Street, Parramatta_

_

_130 George Street, Parramatta_

_

_1 Bligh Street, Sydney_

_105 Phillip Street is a car park site (adjacent130 George Street) with development consentfor a 20,500sqm office building with generousground floor amenities.

_

The 16 level office tower has dual frontage andaccess to George and Phillip Streets. Theadjoining site, 105 Phillip St, provides anopportunity to develop an office tower at therear of the combined site with a centralcourtyard/atrium.

_

1 Bligh Street is a premium grade, 6 StarGreen Star rated high-rise building offering 27levels of office accommodation. The buildingfeatures a double-skin, glass facade with anaturally ventilated full height atrium.Amenities include a cafe, childcare centre,shower facilities, bicycle racks and parking for92 cars. _

_Details_Metro area Parramatta CBD________________________________________Building type Land________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B3 Commercial Core________________________________________Acquisition date May 1997________________________________________Book value $m $8.0________________________________________Independent valuation date Dec 2010________________________________________Independent valuation $m $8.0________________________________________

_Details_Metro area Parramatta CBD________________________________________Building type B Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B3 Commercial Core________________________________________Year built 1984________________________________________Site area (hectares) 1.0________________________________________Lettable area ('000 m2) 19.8________________________________________Typical floor (m2) 1440________________________________________Car parking 332________________________________________NABERS Energy rating(with GreenPower)


4.5________________________________________NABERS Water rating 4.0________________________________________Major tenant Commonwealth of Australia________________________________________Acquisition date May 1997________________________________________Book value $m $77.2________________________________________Independent valuation date Dec 2010________________________________________Independent valuation $m $77.0________________________________________Market cap rate (%) 8.50________________________________________Initial yield (%) 9.34________________________________________Discount rate (%) 9.25________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 2.6________________________________________2014 (%) 1________________________________________2015 (%) 21________________________________________2016 (%) 62________________________________________2017 (%) 2________________________________________2018 (%) 1________________________________________2019 (%) 13________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney CBD________________________________________Building type Premium Grade Office________________________________________Title Freehold________________________________________Ownership DXS 33________________________________________Co-owner DEXUS Wholesale Property Fund &

Cbus Property________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 2011________________________________________Site area (hectares) 0.3________________________________________Lettable area ('000 m2) 42.7________________________________________Lettable area adjusted ('000 m2) 14.2________________________________________Typical floor (m2) 1600________________________________________Car parking 92________________________________________Green Star rating 6.0________________________________________Major tenant Clayton Utz________________________________________Acquisition date Aug 2000________________________________________Book value $m $250.3________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $250.3________________________________________Market cap rate (%) 6.13________________________________________Initial yield (%) 6.06________________________________________Discount rate (%) 8.38________________________________________Leased by area (%) 95________________________________________Weighted lease term by income (year/s) 8.4________________________________________Available (%) 6________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 3________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 2________________________________________2020 (%) 0________________________________________2021 (%) 52________________________________________2022 (%) 1________________________________________2023+ (%) 36________________________________________


_201-217 Elizabeth Street, Sydney_

_

_30 The Bond, 30-34 HicksonRoad, Sydney_

_

_309-321 Kent Street, Sydney_

_201-217 Elizabeth Street is a prominent A-grade 42 level tower comprising 34 levels ofoffice space, lower ground floor retail and on-site security. The office space is largelycolumn-free and has floor to ceiling windowsthat provide abundant natural light andextensive views of Sydney Harbour and HydePark. _

This contemporary office building was the firstin Australia to achieve a 5-star AustralianBuilding Greenhouse Rating. The buildingprovides nine levels of office space, basementparking for 113 cars and is located on thedoor step to Sydney's newest businessprecinct, Barangaroo.

_

The two-office tower complex is located in thewestern corridor of the Sydney CBDoverlooking Darling Harbour. The complexcomprises 36 levels of office accommodation,with 21 levels in 321 Kent Street and 17 levelsin Lumley House, a ground level retail plazaand five levels of basement parking.

__Details_Metro area Sydney CBD________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner Perron Investments________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 1979________________________________________Site area (hectares) 0.4________________________________________Lettable area ('000 m2) 38.8________________________________________Lettable area adjusted ('000 m2) 19.4________________________________________Typical floor (m2) 1085________________________________________Car parking 175________________________________________NABERS Energy rating(with GreenPower)


3.5________________________________________NABERS Water rating 3.5________________________________________Major tenant DLA Piper________________________________________Acquisition date Aug 2000________________________________________Book value $m $144.0________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $144.0________________________________________Market cap rate (%) 7.25________________________________________Initial yield (%) 7.64________________________________________Discount rate (%) 8.88________________________________________Leased by area (%) 95________________________________________Weighted lease term by income (year/s) 2.5________________________________________Available (%) 7________________________________________2014 (%) 9________________________________________2015 (%) 36________________________________________2016 (%) 21________________________________________2017 (%) 7________________________________________2018 (%) 6________________________________________2019 (%) 10________________________________________2020 (%) 0________________________________________2021 (%) 4________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney CBD________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 2004________________________________________Site area (hectares) 0.4________________________________________Lettable area ('000 m2) 19.7________________________________________Typical floor (m2) 2000________________________________________Car parking 113________________________________________NABERS Energy rating(with GreenPower)


5.0________________________________________NABERS Water rating 3.5________________________________________Major tenant Lend Lease Management Services________________________________________Acquisition date May 2002________________________________________Book value $m $179.0________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $179.0________________________________________Market cap rate (%) 7.00________________________________________Initial yield (%) 6.83________________________________________Discount rate (%) 9.00________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 5.5________________________________________2014 (%) 1________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 10________________________________________2018 (%) 0________________________________________2019 (%) 89________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney CBD________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AMP________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 1976________________________________________Site area (hectares) 0.6________________________________________Lettable area ('000 m2) 47.0________________________________________Lettable area adjusted ('000 m2) 23.5________________________________________Typical floor (m2) 1060________________________________________Car parking 497________________________________________NABERS Energy rating(with GreenPower)

309 Kent 5.0 / 321 Kent5.0________________________________________

NABERS Energy rating(without GreenPower)

309 Kent 4.5 / 321 Kent4.5________________________________________

NABERS Water rating 309 Kent 3.5 / 321 Kent3.5________________________________________

Major tenant Promina/Asteron Limited________________________________________Acquisition date Dec 1998________________________________________Book value $m $194.0________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $191.0________________________________________Market cap rate (%) 7.11________________________________________Initial yield (%) 6.74________________________________________Discount rate (%) 8.79________________________________________Leased by area (%) 88________________________________________Weighted lease term by income (year/s) 3.5________________________________________Available (%) 12________________________________________2014 (%) 0________________________________________2015 (%) 8________________________________________2016 (%) 30________________________________________2017 (%) 24________________________________________2018 (%) 8________________________________________2019 (%) 1________________________________________2020 (%) 1________________________________________2021 (%) 0________________________________________2022 (%) 8________________________________________2023+ (%) 8________________________________________


OFFICE PORTFOLIO


_

_39 Martin Place, Sydney_

_

_44 Market Street, Sydney_

_383 Kent Street is a 12 level A-grade officetower constructed above a large car park.Completed in 2002, the building is locatedalong the western core of Sydney and has dualfrontage to Kent and Sussex Streets.

_

39 Martin Place is a B-grade property locatedin a prominent position adjacent to MartinPlace railway station comprising 20 levels ofoffice accommodation and six retail shops. Aconvenient underground pedestrian link to therailway station provides further retail space aspart of Martin Place Shopping Circle.

_

The 26 level freestanding office tower is A-grade following a substantial upgrade in 1996.44 Market Street is located along the westerncorridor of the Sydney CBD at the corner ofMarket, York and Clarence Streets.

__Details_Metro area Sydney CBD________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 2002________________________________________Site area (hectares) 0.4________________________________________Lettable area ('000 m2) 18.0________________________________________Typical floor (m2) 1577________________________________________Car parking 63________________________________________NABERS Energy rating(with GreenPower)


4.0________________________________________NABERS Water rating 4.0________________________________________Major tenant Grant Thornton________________________________________Acquisition date Sep 1987________________________________________Book value $m $136.9________________________________________Independent valuation date Dec 2011________________________________________Independent valuation $m $133.0________________________________________Market cap rate (%) 7.00________________________________________Initial yield (%) 6.30________________________________________Discount rate (%) 8.75________________________________________Leased by area (%) 91________________________________________Weighted lease term by income (year/s) 6.3________________________________________Available (%) 9________________________________________2014 (%) 0________________________________________2015 (%) 8________________________________________2016 (%) 12________________________________________2017 (%) 12________________________________________2018 (%) 7________________________________________2019 (%) 0________________________________________2020 (%) 18________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 34________________________________________

_Details_Metro area Sydney CBD________________________________________Building type B Grade Office________________________________________Title Freehold with Leasehold

Parcel________________________________________Ownership DXS 50________________________________________Co-owner DEXUS Wholesale Property Fund________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 1972________________________________________Site area (hectares) 0.3________________________________________Lettable area ('000 m2) 17.1________________________________________Lettable area adjusted ('000 m2) 8.6________________________________________Typical floor (m2) 800________________________________________Car parking 68________________________________________Major tenant Tiffany & Company________________________________________Acquisition date Feb 2013________________________________________Book value $m $79.6________________________________________Independent valuation date Feb 2013________________________________________Independent valuation $m $74.9________________________________________Market cap rate (%) 7.51________________________________________Initial yield (%) 6.56________________________________________Discount rate (%) 8.97________________________________________Leased by area (%) 83________________________________________Weighted lease term by income (year/s) 4.1________________________________________Available (%) 18________________________________________2014 (%) 3________________________________________2015 (%) 7________________________________________2016 (%) 8________________________________________2017 (%) 13________________________________________2018 (%) 12________________________________________2019 (%) 19________________________________________2020 (%) 0________________________________________2021 (%) 15________________________________________2022 (%) 3________________________________________2023+ (%) 2________________________________________



4.5________________________________________NABERS Water rating 3.0________________________________________Major tenant Commonwealth of Australia________________________________________Acquisition date Sep 1987________________________________________Book value $m $241.0________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $241.0________________________________________Market cap rate (%) 7.00________________________________________Initial yield (%) 8.29________________________________________Discount rate (%) 8.75________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 4.5________________________________________Available (%) 1________________________________________2014 (%) 5________________________________________2015 (%) 13________________________________________2016 (%) 9________________________________________2017 (%) 14________________________________________2018 (%) 22________________________________________2019 (%) 6________________________________________2020 (%) 7________________________________________2021 (%) 0________________________________________2022 (%) 23________________________________________2023+ (%) 0________________________________________


_45 Clarence Street, Sydney_

_

_50 Carrington Street, Sydney_

_

_Australia Square Complex, 264-278 George Street, Sydney_

_45 Clarence Street is a modern A-grade officebuilding located in the Western Core of theSydney CBD overlooking Darling Harbour. Thishigh rise building includes 28 levels of officeaccommodation and five levels of basementparking.

_

50 Carrington Street is a 15-level buildingproviding office accommodation and groundfloor retail space conveniently located withinthe core precinct of the Sydney CBDoverlooking Wynyard Park.

_

Australia Square is one of Sydney’s primeoffice properties, designed by Australianarchitect Harry Seidler. The complexcomprises a 48 level circular tower and a 13level Plaza building adjoined by an externalcourtyard.

__Details_Metro area Sydney CBD________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 1990________________________________________Site area (hectares) 0.4________________________________________Lettable area ('000 m2) 32.1________________________________________Typical floor (m2) 1250________________________________________Car parking 169________________________________________NABERS Energy rating(with GreenPower)


5.0________________________________________NABERS Water rating 3.5________________________________________Major tenant Lloyds International________________________________________Acquisition date Dec 1998________________________________________Book value $m $256.7________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $247.5________________________________________Market cap rate (%) 7.00________________________________________Initial yield (%) 7.50________________________________________Discount rate (%) 8.75________________________________________Leased by area (%) 99________________________________________Weighted lease term by income (year/s) 3.4________________________________________Available (%) 3________________________________________2014 (%) 7________________________________________2015 (%) 29________________________________________2016 (%) 18________________________________________2017 (%) 18________________________________________2018 (%) 3________________________________________2019 (%) 13________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 5________________________________________2023+ (%) 4________________________________________

_Details_Metro area Sydney CBD________________________________________Building type B Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 1992________________________________________Site area (hectares) 0.1________________________________________Lettable area ('000 m2) 11.3________________________________________Typical floor (m2) 820________________________________________Car parking 18________________________________________NABERS Energy rating(without GreenPower)

3.5________________________________________NABERS Water rating 2.5________________________________________Major tenant WHAM________________________________________Acquisition date Nov 2012________________________________________Leased by area (%) 82________________________________________Weighted lease term by income (year/s) 3.7________________________________________Available (%) 19________________________________________2014 (%) 2________________________________________2015 (%) 6________________________________________2016 (%) 14________________________________________2017 (%) 7________________________________________2018 (%) 23________________________________________2019 (%) 7________________________________________2020 (%) 11________________________________________2021 (%) 4________________________________________2022 (%) 7________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney CBD________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner General Property Trust________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 1964________________________________________Site area (hectares) 0.6________________________________________Lettable area ('000 m2) 53.0________________________________________Lettable area adjusted ('000 m2) 26.5________________________________________Typical floor (m2) 1020________________________________________Car parking 385________________________________________NABERS Energy rating(with GreenPower)

ASQ Tower 4.0 ASQ Plaza5.0________________________________________


ASQ Tower 3.5 ASQ Plaza5.0________________________________________

NABERS Water rating ASQ Tower 4.0 ASQ Plaza4.0________________________________________

Major tenant HWL Ebsworth________________________________________Acquisition date Aug 2000________________________________________Book value $m $305.0________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $305.0________________________________________Market cap rate (%) 6.69________________________________________Initial yield (%) 6.24________________________________________Discount rate (%) 8.75________________________________________Leased by area (%) 92________________________________________Weighted lease term by income (year/s) 5.3________________________________________Available (%) 7________________________________________2014 (%) 6________________________________________2015 (%) 11________________________________________2016 (%) 6________________________________________2017 (%) 5________________________________________2018 (%) 12________________________________________2019 (%) 10________________________________________2020 (%) 19________________________________________2021 (%) 5________________________________________2022 (%) 2________________________________________2023+ (%) 17________________________________________


OFFICE PORTFOLIO

_Governor Phillip & MacquarieTower Complex, 1 Farrer Place,Sydney_ _

_Grosvenor Place, 225 GeorgeStreet, Sydney_

_

_One Margaret Street, Sydney_

_Governor Phillip & Macquarie Tower complexis one of Sydney’s leading Premium gradeoffice buildings. GPT provides 37 levels ofpremium office space and GMT provides 25levels of premium office space. The complexalso provides basement parking for 654 cars.

_

Grosvenor Place is a landmark Premium-gradeoffice building located near Circular Quay inthe Sydney CBD comprising office space over44 levels. Designed by renowned architectHarry Seidler, the complex also includes theMorrison Hotel and the heritage listed RoyalNaval House and Johnson's Building.

_

One Margaret Street is located in the westerncore of the Sydney CBD overlooking DarlingHarbour. The building provides 18 levels of A-grade office accommodation and three levelsof car parking for 111 vehicles. The buildingwas completely refurbished in 2002.

__Details_Metro area Sydney CBD________________________________________Building type Premium Grade Office________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner General Property Trust & Australian

Prime Property Fund________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 1993________________________________________Site area (hectares) 0.6________________________________________Lettable area ('000 m2) 86.6________________________________________Lettable area adjusted ('000 m2) 43.3________________________________________Typical floor (m2) 1460________________________________________Car parking 654________________________________________NABERS Energy rating(with GreenPower)

GPT 4.5 GMT 4.5________________________________________NABERS Energy rating(without GreenPower)

GPT 3.5 GMT 4.0________________________________________NABERS Water rating GPT 3.5 GMT 3.5________________________________________Major tenant King & Wood Mallesons________________________________________Acquisition date Dec 1998________________________________________Book value $m $671.8________________________________________Independent valuation date Dec 2012________________________________________Independent valuation $m $670.0________________________________________Market cap rate (%) 6.25________________________________________Initial yield (%) 6.37________________________________________Discount rate (%) 8.50________________________________________Leased by area (%) 96________________________________________Weighted lease term by income (year/s) 3.4________________________________________Available (%) 4________________________________________2014 (%) 16________________________________________2015 (%) 17________________________________________2016 (%) 16________________________________________2017 (%) 24________________________________________2018 (%) 6________________________________________2019 (%) 0________________________________________2020 (%) 1________________________________________2021 (%) 2________________________________________2022 (%) 0________________________________________2023+ (%) 14________________________________________

_Details_Metro area Sydney CBD________________________________________Building type Premium Grade Office________________________________________Title Leasehold________________________________________Ownership DXS 25________________________________________Co-owner Commonwealth Property Office

Fund, Investa, ARIA________________________________________Zoning Sydney Cove Scheme________________________________________Year built 1988________________________________________Site area (hectares) 0.8________________________________________Lettable area ('000 m2) 85.4________________________________________Lettable area adjusted ('000 m2) 21.3________________________________________Typical floor (m2) 2000________________________________________Car parking 566________________________________________NABERS Energy rating(with GreenPower)


4.0________________________________________NABERS Water rating 4.0________________________________________Major tenant Deloitte Services Pty Ltd________________________________________Acquisition date Feb 2013________________________________________Book value $m $289.2________________________________________Independent valuation date Feb 2013________________________________________Independent valuation $m $271.3________________________________________Market cap rate (%) 6.38________________________________________Initial yield (%) 5.03________________________________________Discount rate (%) 8.50________________________________________Leased by area (%) 88________________________________________Weighted lease term by income (year/s) 5.7________________________________________Available (%) 13________________________________________2014 (%) 1________________________________________2015 (%) 0________________________________________2016 (%) 26________________________________________2017 (%) 3________________________________________2018 (%) 4________________________________________2019 (%) 1________________________________________2020 (%) 11________________________________________2021 (%) 4________________________________________2022 (%) 2________________________________________2023+ (%) 35________________________________________



5.0________________________________________NABERS Water rating 3.0________________________________________Major tenant PKF Services (NSW) Pty Ltd________________________________________Acquisition date Dec 1998________________________________________Book value $m $192.8________________________________________Independent valuation date Sep 2012________________________________________Independent valuation $m $186.0________________________________________Market cap rate (%) 6.88________________________________________Initial yield (%) 7.11________________________________________Discount rate (%) 8.75________________________________________Leased by area (%) 92________________________________________Weighted lease term by income (year/s) 6.1________________________________________Available (%) 8________________________________________2014 (%) 13________________________________________2015 (%) 1________________________________________2016 (%) 5________________________________________2017 (%) 22________________________________________2018 (%) 1________________________________________2019 (%) 0________________________________________2020 (%) 19________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 31________________________________________


_2 & 4 Dawn Fraser Avenue,Sydney Olympic Park_

_

_12 Creek Street, Brisbane_

_

_123 Albert Street, Brisbane_

_2 & 4 Dawn Fraser Avenue comprises twoadjoining seven level A-grade office towers andis located opposite the Sydney Olympic Parkrailway station. This property provides a strongannuity income from a blue-chip tenant.

_

A 32 level A-grade office tower located withinthe “golden triangle” commercial precinct ofthe Brisbane CBD. The building providesground floor retail accommodation and foyer,33 upper levels of office and includes twoplant and storage levels with four basementlevels providing parking for 308 vehicles.

_

123 Albert Street is a premium grade 6 StarGreen Star rated office tower. The towercomprises 26 levels of office space, eightlevels of car parking providing 382 car bays intotal and an expansive ground floor lobby areafeaturing five retail shops.

__Details_Metro area Sydney Olympic Park________________________________________Building type Office Park________________________________________Title Leasehold________________________________________Ownership DXS 50________________________________________Co-owner Commonwealth Property Office

Fund________________________________________Zoning B4 Mixed Use________________________________________Year built 2008________________________________________Site area (hectares) 0.4________________________________________Lettable area ('000 m2) 34.2________________________________________Lettable area adjusted ('000 m2) 17.1________________________________________Typical floor (m2) 2656 / 1965________________________________________Car parking 593________________________________________NABERS Energy rating(with GreenPower)


5.0________________________________________NABERS Water rating 5.5________________________________________Major tenant Commonwealth Bank of Australia________________________________________Acquisition date Feb 2013________________________________________Book value $m $87.2________________________________________Independent valuation date Feb 2013________________________________________Independent valuation $m $82.7________________________________________Market cap rate (%) 7.88________________________________________Initial yield (%) 7.51________________________________________Discount rate (%) 9.00________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 5.0________________________________________2014 (%) 6________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 48________________________________________2019 (%) 2________________________________________2020 (%) 44________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Brisbane CBD________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner DEXUS Wholesale Property Fund________________________________________Zoning MPI - City Centre________________________________________Year built 1984________________________________________Site area (hectares) 0.3________________________________________Lettable area ('000 m2) 32.2________________________________________Lettable area adjusted ('000 m2) 16.1________________________________________Typical floor (m2) 1010________________________________________Car parking 308________________________________________NABERS Energy rating(without GreenPower)

3.0________________________________________NABERS Water rating 3.5________________________________________Major tenant BDO________________________________________Acquisition date Oct 2012________________________________________Book value $m $129.0________________________________________Independent valuation date Oct 2012________________________________________Independent valuation $m $120.8________________________________________Market cap rate (%) 7.25________________________________________Initial yield (%) 6.96________________________________________Discount rate (%) 9.25________________________________________Leased by area (%) 84________________________________________Weighted lease term by income (year/s) 4.1________________________________________Available (%) 15________________________________________2014 (%) 9________________________________________2015 (%) 13________________________________________2016 (%) 12________________________________________2017 (%) 21________________________________________2018 (%) 9________________________________________2019 (%) 0________________________________________2020 (%) 1________________________________________2021 (%) 5________________________________________2022 (%) 0________________________________________2023+ (%) 15________________________________________

_Details_Metro area Brisbane CBD________________________________________Building type Premium Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning MPI - City Centre________________________________________Year built 2011________________________________________Site area (hectares) 0.4________________________________________Lettable area ('000 m2) 39.3________________________________________Typical floor (m2) 1513 / 1604________________________________________Car parking 382________________________________________NABERS Energy rating(without GreenPower)

5.0________________________________________Green Star rating 6.0________________________________________Major tenant Rio Tinto________________________________________Acquisition date Oct 1984________________________________________Book value $m $401.4________________________________________Independent valuation date Mar 2013________________________________________Independent valuation $m $400.0________________________________________Market cap rate (%) 6.75________________________________________Initial yield (%) 6.63________________________________________Discount rate (%) 8.75________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 7.8________________________________________Available (%) 2________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 10________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 83________________________________________2023+ (%) 5________________________________________


OFFICE PORTFOLIO

_480 Queen Street, Brisbane_

_

_40 Market Street, Melbourne_

_

_8 Nicholson Street, Melbourne_

_480 Queen Street will be a 31 level Premiumgrade office development providing55,561sqm of accommodation. Theproperty is located in Brisbane's GoldenTriangle, and is targeting 6 Star Green Starand 5 star NABERS Energy ratings. Practicalcompletion is forecast for February 2016.

_

40 Market Street is a B-grade office buildingwith nine upper levels of office space,constructed over a five split level basement carpark and ground floor retail.

_

8 Nicholson Street is a freestanding 18 leveloffice tower with three levels of basementparking. Located on the eastern edge of theMelbourne CBD close to Parliament Station,The property is situated in a State/FederalGovernment precinct.

__Details_Metro area Brisbane CBD________________________________________Building type Fund Through Acquisition________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner DEXUS Wholesale Property Fund________________________________________Zoning MPI - City Centre________________________________________Site area (hectares) 0.4________________________________________Acquisition date Apr 2013________________________________________

_Details_Metro area Melbourne CBD________________________________________Building type B Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Capital City Zone 1________________________________________Year built 1988________________________________________Site area (hectares) 0.2________________________________________Lettable area ('000 m2) 12.0________________________________________Typical floor (m2) 1269________________________________________Car parking 85________________________________________Major tenant Powercor Australia Limited________________________________________Acquisition date Jan 2013________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 5.5________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 100________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Melbourne CBD________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Business 2 Zone 1 (B2Z)________________________________________Year built 1991________________________________________Site area (hectares) 0.3________________________________________Lettable area ('000 m2) 23.5________________________________________Typical floor (m2) 1650________________________________________Car parking 91________________________________________NABERS Energy rating(with GreenPower)


3.0________________________________________NABERS Water rating 3.5________________________________________Major tenant State of Victoria________________________________________Acquisition date Nov 1993________________________________________Book value $m $99.0________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $93.5________________________________________Market cap rate (%) 8.00________________________________________Initial yield (%) 9.78________________________________________Discount rate (%) 9.00________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 5.0________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 1________________________________________2017 (%) 0________________________________________2018 (%) 99________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________


_Flinders Gate Complex, 172Flinders Street and 189 FlindersLane, Melbourne_ _

_Southgate Complex, 3 SouthgateAvenue, Southbank_

_

_Kings Square, 376 WellingtonStreet, Perth_

_The Flinders Gate Complex comprises twosmall boutique office buildings located close toFlinders Street Station and opposite FederationSquare.

_

The Southgate Complex is a landmark officeand retail property located on the Yarra Riverin the Southbank arts and leisure precinct ofMelbourne. The complex comprises two high-quality office towers, HWT Tower and IBMCentre, a three level retail plaza and two levelsof underground car parking.

_

Kings Square will comprise three A-gradeoffice buildings being developed by LeightonProperties, providing 52,781sqm of combinedoffice and retail space. It is well located in anemerging precinct of commercial, residential,retail and public space, and is in closeproximity to Perth's transport hub.

__Details_Metro area Melbourne CBD________________________________________Building type B Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Capital City Zone (CCZ1)________________________________________Year built 1920________________________________________Site area (hectares) 0.4________________________________________Lettable area ('000 m2) 8.8________________________________________Typical floor (m2) 650________________________________________NABERS Energy rating(with GreenPower)

172 Flinders 3.5 / 189Flinders 4.0________________________________________


172 Flinders 3.0 / 189Flinders 3.5________________________________________

NABERS Water rating 172 Flinders 3.0 / 189Flinders 1.5________________________________________

Major tenant My Mac (Australia) Pty Ltd________________________________________Acquisition date Mar 1999________________________________________Book value $m $30.6________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $28.5________________________________________Market cap rate (%) 8.25________________________________________Initial yield (%) 7.94________________________________________Discount rate (%) 9.00________________________________________Leased by area (%) 94________________________________________Weighted lease term by income (year/s) 1.6________________________________________Available (%) 6________________________________________2014 (%) 35________________________________________2015 (%) 28________________________________________2016 (%) 14________________________________________2017 (%) 6________________________________________2018 (%) 11________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Melbourne CBD________________________________________Building type A Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Capital City Zone (CCZ1)________________________________________Year built 1992________________________________________Site area (hectares) 2.1________________________________________Lettable area ('000 m2) 76.5________________________________________Typical floor (m2) 1250________________________________________Car parking 1041________________________________________NABERS Energy rating(with GreenPower)

IBM 4.5 / HWT 4.5________________________________________NABERS Energy rating(without GreenPower)

IBM 4.0 / HWT 4.0________________________________________NABERS Water rating IBM 3.5 / HWT 4.0________________________________________Major tenant IBM Australia Limited________________________________________Acquisition date Aug 2000________________________________________Book value $m $425.2________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $418.4________________________________________Market cap rate (%) 7.75________________________________________Initial yield (%) 8.39________________________________________Discount rate (%) 8.92________________________________________Leased by area (%) 96________________________________________Weighted lease term by income (year/s) 4.6________________________________________Available (%) 3________________________________________2014 (%) 5________________________________________2015 (%) 3________________________________________2016 (%) 32________________________________________2017 (%) 10________________________________________2018 (%) 3________________________________________2019 (%) 20________________________________________2020 (%) 4________________________________________2021 (%) 3________________________________________2022 (%) 2________________________________________2023+ (%) 15________________________________________

_Details_Metro area Perth CBD________________________________________Building type Fund Through Acquisition________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner DEXUS Wholesale Property Fund________________________________________Zoning Redevelopment Scheme/Act Area________________________________________Site area (hectares) 0.6________________________________________Acquisition date May 2013________________________________________


OFFICE PORTFOLIO

_Woodside Plaza, 240 St GeorgesTerrace, Perth_

_

_Lumley Centre, 88 ShortlandStreet, Auckland_

_


_Woodside Plaza is one of Perth's six premium-grade office buildings, located in a primeposition along the northern side of St GeorgesTerrace. The building comprises premiumoffice space over 24 levels, and includes aground floor retail arcade and basementparking for 247 cars.

_

A Premium grade office tower comprising 15levels of office accommodation located withinthe Auckland CBD and offering views ofAuckland Harbour from the upper levels.

_

A 836 bay car park, including private tenantparking decks, sits below the 14 level officetower located along the Western Core of theSydney CBD, with dual street frontage withKent and Sussex Streets.

__Details_Metro area Perth CBD________________________________________Building type Premium Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Central City Area________________________________________Year built 2003________________________________________Site area (hectares) 0.6________________________________________Lettable area ('000 m2) 47.3________________________________________Typical floor (m2) 2000________________________________________Car parking 247________________________________________NABERS Energy rating(with GreenPower)


4.5________________________________________NABERS Water rating 2.5________________________________________Major tenant Woodside Energy Ltd________________________________________Acquisition date Jan 2001________________________________________Book value $m $480.2________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $460.0________________________________________Market cap rate (%) 7.75________________________________________Initial yield (%) 6.97________________________________________Discount rate (%) 8.75________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 4.8________________________________________Available (%) 2________________________________________2014 (%) 5________________________________________2015 (%) 10________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 83________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Auckland CBD________________________________________Building type Premium Grade Office________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Central Area District - Strategic Management

Area 1________________________________________Year built 2005________________________________________Site area (hectares) 0.5________________________________________Lettable area ('000 m2) 19.6________________________________________Typical floor (m2) 1300________________________________________Car parking 194________________________________________Major tenant Simpson Grierson________________________________________Acquisition date Sep 2005________________________________________Book value $m $107.4________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $107.4________________________________________Market cap rate (%) 7.63________________________________________Initial yield (%) 7.81________________________________________Discount rate (%) 9.75________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 3.8________________________________________2014 (%) 0________________________________________2015 (%) 31________________________________________2016 (%) 8________________________________________2017 (%) 0________________________________________2018 (%) 44________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 17________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney CBD________________________________________Building type Carpark________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B8 Metropolitan Centre________________________________________Year built 1977________________________________________Car parking 836________________________________________Major tenant S & K Car Park Management________________________________________Acquisition date Sep 1987________________________________________Book value $m $64.0________________________________________Independent valuation date Dec 2011________________________________________Independent valuation $m $64.0________________________________________Market cap rate (%) 7.75________________________________________Initial yield (%) 9.15________________________________________Discount rate (%) 10.00________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 10.0________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 100________________________________________


_32-44 Flinders Street, Melbourne_

_

_34-60 Little Collins Street,Melbourne_

_

_Flinders Gate Complex, 172Flinders Street, Melbourne_

_A 539 bay car park built over 10 levelsconstructed in 1998 servicing residential andoffice patrons, as well as visitors to the MCG,Melbourne Park and Federation Square. Thecar park has dual access to Flinders Streetand Flinders Lane.

_

A 940 bay freestanding car park, with a caféand rental car outlet on the ground floor. It islocated in the eastern corridor of theMelbourne CBD providing convenient accessto Melbourne's premium office andentertainment precincts. It has dual access toBourke and Little Collins Streets.

_

A 1,071 bay car park attached to two smalloffice buildings located centrally in theMelbourne CBD diagonally opposite FlindersStreet Railway Station and directly oppositeFederation Square. The car park has dualaccess to Flinders Street and Flinders Lane.

__Details_Metro area Melbourne CBD________________________________________Building type Carpark________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Capital City Zone 1________________________________________Year built 1998________________________________________Car parking 539________________________________________Major tenant S & K Car Park Management________________________________________Acquisition date Jun 1998________________________________________Book value $m $29.9________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $29.5________________________________________Market cap rate (%) 8.00________________________________________Initial yield (%) 8.39________________________________________Discount rate (%) 9.75________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 7.8________________________________________2014 (%) 3________________________________________2015 (%) 1________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 32________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 64________________________________________

_Details_Metro area Melbourne CBD________________________________________Building type Carpark________________________________________Title Leasehold________________________________________Ownership DXS 100________________________________________Zoning Capital City Zone________________________________________Year built 1965________________________________________Car parking 940________________________________________Major tenant S & K Car Park Management________________________________________Acquisition date Nov 1984________________________________________Book value $m $36.1________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $39.2________________________________________Market cap rate (%) 9.00________________________________________Initial yield (%) 11.08________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 9.8________________________________________Available (%) 1________________________________________2014 (%) 0________________________________________2015 (%) 1________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 98________________________________________

_Details_Metro area Melbourne CBD________________________________________Building type Carpark________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Capital City Zone 1________________________________________Year built 1998________________________________________Car parking 1071________________________________________Major tenant S & K Car Park Management________________________________________Acquisition date Mar 1999________________________________________Book value $m $54.2________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $54.0________________________________________Market cap rate (%) 8.25________________________________________Initial yield (%) 9.16________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 10.0________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 100________________________________________


INDUSTRIAL PORTFOLIODEXUS has a strong track record in using its industrial capabilities to deliver high quality industrial product to the market, targeting the key metropolitan markets of Sydney, Melbourne and Brisbane and ensuring its properties are located close to multi-modal infrastructure and employment hubs.

Canberra

Brisbane

Adelaide Sydney

Melbourne

SYDNEY486,316sqm44% area$859m value55% value29 properties

MELBOURNE466,389sqm43% area$582m value35% value13 properties

BRISBANE66,401sqm6% area$123m value8% value5 properties

SOUTH AUSTRALIA74,161sqm7% area$29m value2% value1 property

KEY STATISTICS

30 June 2013 30 June 2012

Total value ($bn) 1.6 $1.7

Total properties 48 45

Net lettable area (sqm) 1,093,267 1,194,309

Number of tenants 270 261

Tenant retention (%) 70 59

Occupancy by area (%) 95.9 91.7

Occupancy by income (%) 96.1 92.8

Lease duration by income (years) 4.1 4.4

Weighted average capitalisation rate (%) 8.55 8.59

1 year total return (%) 8.8 8.0

DEXUS PROPERTY GROUP 2013 PORTFOLIO AND DEBT SUMMARY24

Property type by book value

Geographical weighting by book value

Diversity of tenants by income

Sydney 55%Melbourne 35%Brisbane 8%Adelaide 2%

Transport & storage 25%Wholesale trade 23%Manufacturing 19%Property & business 14%Telecommunication & IT 6%Other 13%

Business parks 29%Industrial estates 40%Distribution centres 20%Land 4%Data centres 3%Development sites 4%

Industrial lease expiry profile

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

FY18+FY17FY16FY15FY14Vacant

AREA INCOME

4.1%

12.4%

3.9%

10.7%13.0%

13.8% 13.4%13.9%16.0%15.2%

41.3%42.3%

Sustainability highlights

DXS industrial energy consumption/intensity

0

5

10

15

20

25

30

35


31.729.8

25.724.1 23.9 24.4

Meg

ajou

les/

sqm

23.0% reduction

DXS industrial greenhouse gas emissions/intensity

7.97.4

6.4 6.1 6.0 5.9

0

1

2

3

4

5

6

7

8

9


25.5% reduction

KgC

O2-e

/sqm


Summary of properties


(%)

Lettable area


Acquisition date


($m)


date


($m)Cap rate

(%)

Leased by area(%)

Weighted average


(years)


($m)

52 Holbeche Road, Arndell Park NSW Sydney, Outer West Distribution centre

100% 9.6 Jul 98 $12.5 Jun 12 $12.5 8.50% 100% 1.1 1.0

79-99 St Hilliers Road, Auburn NSW Sydney, Inner West Business park 100% 26.0 Sep 97 $35.4 Dec 11 $37.5 9.00% 80% 1.6 2.6

3 Brookhollow Avenue, Baulkham Hills NSW Sydney, Outer West Data centre 100% 13.4 Dec 02 $52.9 Jun 12 $52.0 8.50% 100% 5.3 3.9

1 Garigal Road, Belrose NSW Sydney, North Business park 100% 12.3 Dec 98 $16.3 Jun 12 $16.3 10.00% 86% 8.7 0.2

2 Minna Close, Belrose NSW Sydney, North Business park 100% 13.4 Dec 98 $22.5 Jun 12 $24.0 10.00% 87% 1.5 1.8

30-32 Bessemer Street, Blacktown NSW Sydney, Outer West Distribution centre

100% 14.7 May 97 $15.7 Jun 11 $16.3 9.25% 100% 7.2 1.3

2 Alspec Place, Eastern Creek NSW Sydney, Outer West Distribution centre

100% 16.9 Mar 04 $24.9 Dec 11 $24.9 8.25% 100% 1.8 3.3

57-65 Templar Road, Erskine Park NSW Sydney, Outer West Industrial estate 100% Jun 12 0.1

145-151 Arthur Street, Flemington NSW Sydney, Inner West Business park 100% 19.2 Sep 97 $27.6 Jun 11 $28.0 8.75% 86% 1.9 2.3

436-484 Victoria Road, Gladesville NSW Sydney, North Business park 100% 19.7 Sep 97 $40.8 Dec 11 $41.5 9.00% 90% 2.1 3.6

1 Foundation Place, Greystanes NSW Sydney, Outer West Industrial estate 100% 30.8 Feb 03 $44.8 Dec 12 $44.8 8.25% 100% 1.6 3.8

Quarry Industrial Estate, 2-6 Basalt Road, Greystanes NSW Sydney, Outer West Industrial estate 50% 11.7 Dec 07 $15.9 Jun 13 $15.9 8.00% 100% 3.0 1.1

Quarry Industrial Estate, 3 Basalt Road, Greystanes NSW Sydney, Outer West Industrial estate 50% 9.1 Dec 07 $13.7 Jun 13 $13.7 7.75% 100% 5.6 0.5



Quarry Industrial Estate, 1 Bellevue Circuit, Greystanes NSW Sydney, Outer West Development site 50% Dec 07 $7.6 Jun 12 $5.2

Quarry Industrial Estate, 2 Bellevue Circuit, Greystanes NSW Sydney, Outer West Industrial estate 50% 6.7 Dec 07 $11.1 Jun 13 $11.1 7.75% 100% 9.5 0.5



Quarry Industrial Estate, 20 Reconciliation Road, Greystanes NSW Sydney, Outer West Development site 50% Dec 07 $5.1 Jun 12 $1.6

Quarry Industrial Estate, Reconciliation Drive, Greystanes NSW Sydney, Outer West Land 100% Dec 07 $23.8 Jun 12 $21.1

27-29 Liberty Road, Huntingwood NSW Sydney, Outer West Distribution centre

100% 6.8 Jul 98 $8.9 Sep 12 $8.8 8.50% 100% 2.4 0.7

Kings Park Industrial Estate, Vardys Road, Marayong NSW Sydney, Outer West Industrial estate 100% 68.9 May 90 $91.9 Dec 12 $90.5 8.25% 100% 3.1 7.5

2-4 Military Road, Matraville NSW Sydney, South Industrial estate 100% 30.2 Dec 09 $55.7 Jun 12 $52.9 8.00% 100% 5.2 4.7

154 O'Riordan Street, Mascot NSW Sydney, South Industrial estate 100% 8.2 Jun 97 100% 3.1 1.1

5-15 Rosebery Avenue, Rosebery NSW Sydney, South Business park 100% 27.3 Apr 98 $58.7 Dec 10 $56.5 8.25% 99% 3.7 4.2

25-55 Rothschild Avenue, Rosebery NSW Sydney, South Business park 100% 16.8 Oct 01 $34.3 Dec 12 $34.0 8.25% 100% 3.7 2.9

10-16 South Street, Rydalmere NSW Sydney, Inner West Industrial estate 100% 34.9 Sep 97 $41.5 Jun 11 $39.3 9.00% 93% 4.1 3.0

Centrewest Industrial Estate, Silverwater Road, Silverwater NSW Sydney, Inner West Industrial estate 100% 17.8 May 10 $23.4 Jun 13 $23.4 8.75% 100% 2.8 2.1

DEXUS Industrial Estate, Egerton Street, Silverwater NSW Sydney, Inner West Industrial estate 100% 23.4 May 97 $36.6 Jun 12 $35.0 8.75% 100% 3.2 2.4

12 Frederick Street, St Leonards NSW Sydney, North Industrial estate 100% 19.3 Jul 00 $34.6 Jun 11 $33.5 8.75% 89% 2.4 2.6

30 Bellrick Street, Acacia Ridge QLD Brisbane Distribution centre

100% 17.8 Jun 97 $20.9 Sep 12 $20.6 9.25% 73% 2.4 1.4

25 Donkin Street, West End Brisbane QLD Brisbane Business park 100% 10.9 Dec 98 $28.5 Dec 10 $27.0 8.75% 77% 1.9 1.7

57-101 Balham Road, Archerfield QLD Brisbane Industrial estate 100% 24.4 Nov 10 100% 2.3 2.0

163-183 Viking Drive, Wacol QLD Brisbane Development site 100% Nov 11 0.5


INDUSTRIAL PORTFOLIO

Summary of properties


(%)

Lettable area


Acquisition date


($m)


date


($m)Cap rate

(%)

Leased by area(%)

Weighted average


(years)


($m)

52 Holbeche Road, Arndell Park NSW Sydney, Outer West Distribution centre

100% 9.6 Jul 98 $12.5 Jun 12 $12.5 8.50% 100% 1.1 1.0

79-99 St Hilliers Road, Auburn NSW Sydney, Inner West Business park 100% 26.0 Sep 97 $35.4 Dec 11 $37.5 9.00% 80% 1.6 2.6

3 Brookhollow Avenue, Baulkham Hills NSW Sydney, Outer West Data centre 100% 13.4 Dec 02 $52.9 Jun 12 $52.0 8.50% 100% 5.3 3.9

1 Garigal Road, Belrose NSW Sydney, North Business park 100% 12.3 Dec 98 $16.3 Jun 12 $16.3 10.00% 86% 8.7 0.2

2 Minna Close, Belrose NSW Sydney, North Business park 100% 13.4 Dec 98 $22.5 Jun 12 $24.0 10.00% 87% 1.5 1.8

30-32 Bessemer Street, Blacktown NSW Sydney, Outer West Distribution centre

100% 14.7 May 97 $15.7 Jun 11 $16.3 9.25% 100% 7.2 1.3

2 Alspec Place, Eastern Creek NSW Sydney, Outer West Distribution centre

100% 16.9 Mar 04 $24.9 Dec 11 $24.9 8.25% 100% 1.8 3.3

57-65 Templar Road, Erskine Park NSW Sydney, Outer West Industrial estate 100% Jun 12 0.1

145-151 Arthur Street, Flemington NSW Sydney, Inner West Business park 100% 19.2 Sep 97 $27.6 Jun 11 $28.0 8.75% 86% 1.9 2.3

436-484 Victoria Road, Gladesville NSW Sydney, North Business park 100% 19.7 Sep 97 $40.8 Dec 11 $41.5 9.00% 90% 2.1 3.6

1 Foundation Place, Greystanes NSW Sydney, Outer West Industrial estate 100% 30.8 Feb 03 $44.8 Dec 12 $44.8 8.25% 100% 1.6 3.8

Quarry Industrial Estate, 2-6 Basalt Road, Greystanes NSW Sydney, Outer West Industrial estate 50% 11.7 Dec 07 $15.9 Jun 13 $15.9 8.00% 100% 3.0 1.1




Quarry Industrial Estate, 1 Bellevue Circuit, Greystanes NSW Sydney, Outer West Development site 50% Dec 07 $7.6 Jun 12 $5.2




Quarry Industrial Estate, 20 Reconciliation Road, Greystanes NSW Sydney, Outer West Development site 50% Dec 07 $5.1 Jun 12 $1.6

Quarry Industrial Estate, Reconciliation Drive, Greystanes NSW Sydney, Outer West Land 100% Dec 07 $23.8 Jun 12 $21.1

27-29 Liberty Road, Huntingwood NSW Sydney, Outer West Distribution centre

100% 6.8 Jul 98 $8.9 Sep 12 $8.8 8.50% 100% 2.4 0.7

Kings Park Industrial Estate, Vardys Road, Marayong NSW Sydney, Outer West Industrial estate 100% 68.9 May 90 $91.9 Dec 12 $90.5 8.25% 100% 3.1 7.5

2-4 Military Road, Matraville NSW Sydney, South Industrial estate 100% 30.2 Dec 09 $55.7 Jun 12 $52.9 8.00% 100% 5.2 4.7

154 O'Riordan Street, Mascot NSW Sydney, South Industrial estate 100% 8.2 Jun 97 100% 3.1 1.1

5-15 Rosebery Avenue, Rosebery NSW Sydney, South Business park 100% 27.3 Apr 98 $58.7 Dec 10 $56.5 8.25% 99% 3.7 4.2

25-55 Rothschild Avenue, Rosebery NSW Sydney, South Business park 100% 16.8 Oct 01 $34.3 Dec 12 $34.0 8.25% 100% 3.7 2.9

10-16 South Street, Rydalmere NSW Sydney, Inner West Industrial estate 100% 34.9 Sep 97 $41.5 Jun 11 $39.3 9.00% 93% 4.1 3.0

Centrewest Industrial Estate, Silverwater Road, Silverwater NSW Sydney, Inner West Industrial estate 100% 17.8 May 10 $23.4 Jun 13 $23.4 8.75% 100% 2.8 2.1

DEXUS Industrial Estate, Egerton Street, Silverwater NSW Sydney, Inner West Industrial estate 100% 23.4 May 97 $36.6 Jun 12 $35.0 8.75% 100% 3.2 2.4

12 Frederick Street, St Leonards NSW Sydney, North Industrial estate 100% 19.3 Jul 00 $34.6 Jun 11 $33.5 8.75% 89% 2.4 2.6

30 Bellrick Street, Acacia Ridge QLD Brisbane Distribution centre

100% 17.8 Jun 97 $20.9 Sep 12 $20.6 9.25% 73% 2.4 1.4

25 Donkin Street, West End Brisbane QLD Brisbane Business park 100% 10.9 Dec 98 $28.5 Dec 10 $27.0 8.75% 77% 1.9 1.7

57-101 Balham Road, Archerfield QLD Brisbane Industrial estate 100% 24.4 Nov 10 100% 2.3 2.0

163-183 Viking Drive, Wacol QLD Brisbane Development site 100% Nov 11 0.5



(%)

Lettable area


Acquisition date


($m)


date


($m)Cap rate

(%)

Leased by area(%)

Weighted average


(years)


($m)

131 Mica Street, Carole Park QLD Brisbane Distribution centre

100% 13.3 Jan 13 $22.3 Jan 13 $21.0 7.50% 100% 14.5 0.8

15-23 Whicker Road, Gillman SA Adelaide Distribution centre

100% 74.2 Dec 02 $29.1 Sep 12 $28.8 11.00% 76% 2.0 2.7

Target Distribution Centre, 30-68 Taris Avenue, Altona North VIC Melbourne, West Distribution centre

50% 20.7 Oct 95 $16.3 Jun 13 $16.3 8.75% 100% 3.8 2.2

114 Fairbank Road, Clayton VIC Melbourne, South East Distribution centre

100% 18.6 Jul 97 $15.4 Mar 13 $15.4 9.00% 100% 6.3 1.3

DEXUS Industrial Estate, Pound Road West, Dandenong South VIC Melbourne, South East Industrial estate 100% 79.8 Jan 04 $70.8 Dec 12 $71.4 8.58% 100% 3.6 5.7

Knoxfield Industrial Estate, Henderson Road, Knoxfield VIC Melbourne, South East Distribution centre

100% 49.0 Aug 96 $37.6 Jun 11 $37.6 8.75% 100% 2.2 3.4

250 Forest Road South, Lara VIC Melbourne, South West Distribution centre

100% 117.3 Dec 02 $54.5 Jun 12 $52.3 9.00% 100% 10.0 5.3

DEXUS Industrial Estate, Boundary Road, Laverton North VIC Melbourne, West Industrial estate 50% 43.3 Jul 02 $37.9 Jun 13 $37.9 8.21% 100% 4.9 3.2

DEXUS Industrial Estate, Boundary Road, Laverton North VIC Melbourne, West Land 100% Jul 02 $9.0 Jun 12 $7.9

DEXUS Industrial Estate, 2-10 Distribution Drive, Laverton North VIC Melbourne, West Industrial estate 50% 8.7 Jul 02 $8.0 Jun 13 $8.0 8.25% 100% 3.4 0.7

DEXUS Industrial Estate, 12-18 Distribution Drive, Laverton North VIC Melbourne, West Distribution centre

50% 21.5 Jul 02 $51.0 Jun 13 $51.0 9.00% 100% 8.8 4.9

DEXUS Industrial Estate, 25 Distribution Drive, Laverton North VIC Melbourne, West Industrial estate 100% 15.7 Jul 02 $13.0 8.25% 100% 1.0 1.0

DEXUS Industrial Estate, 27 Distribution Drive, Laverton North VIC Melbourne, West Industrial estate 50% 6.9 Jul 02 $6.5 Jun 13 $6.5 7.75% 100% 6.2 1.2

DEXUS Industrial Estate, 28 Distribution Drive, Laverton North VIC Melbourne, West Development site 50% Jul 02 $5.0 Jun 13 $5.0

DEXUS Industrial Estate, 30 Distribution Drive, Laverton North VIC Melbourne, West Development site 100% Jul 02 $8.3

Axxess Corporate Park, Corner Ferntree Gully & Gilby Roads, Mount Waverley

VIC Melbourne, South East Business park 100% 84.8 Oct 96 $187.6 Dec 12 $187.2 8.46% 99% 2.6 15.3

Summary of properties continued




(%)

Lettable area


Acquisition date


($m)


date


($m)Cap rate

(%)

Leased by area(%)

Weighted average


(years)


($m)

131 Mica Street, Carole Park QLD Brisbane Distribution centre

100% 13.3 Jan 13 $22.3 Jan 13 $21.0 7.50% 100% 14.5 0.8

15-23 Whicker Road, Gillman SA Adelaide Distribution centre

100% 74.2 Dec 02 $29.1 Sep 12 $28.8 11.00% 76% 2.0 2.7

Target Distribution Centre, 30-68 Taris Avenue, Altona North VIC Melbourne, West Distribution centre

50% 20.7 Oct 95 $16.3 Jun 13 $16.3 8.75% 100% 3.8 2.2

114 Fairbank Road, Clayton VIC Melbourne, South East Distribution centre

100% 18.6 Jul 97 $15.4 Mar 13 $15.4 9.00% 100% 6.3 1.3

DEXUS Industrial Estate, Pound Road West, Dandenong South VIC Melbourne, South East Industrial estate 100% 79.8 Jan 04 $70.8 Dec 12 $71.4 8.58% 100% 3.6 5.7

Knoxfield Industrial Estate, Henderson Road, Knoxfield VIC Melbourne, South East Distribution centre

100% 49.0 Aug 96 $37.6 Jun 11 $37.6 8.75% 100% 2.2 3.4

250 Forest Road South, Lara VIC Melbourne, South West Distribution centre

100% 117.3 Dec 02 $54.5 Jun 12 $52.3 9.00% 100% 10.0 5.3

DEXUS Industrial Estate, Boundary Road, Laverton North VIC Melbourne, West Industrial estate 50% 43.3 Jul 02 $37.9 Jun 13 $37.9 8.21% 100% 4.9 3.2

DEXUS Industrial Estate, Boundary Road, Laverton North VIC Melbourne, West Land 100% Jul 02 $9.0 Jun 12 $7.9

DEXUS Industrial Estate, 2-10 Distribution Drive, Laverton North VIC Melbourne, West Industrial estate 50% 8.7 Jul 02 $8.0 Jun 13 $8.0 8.25% 100% 3.4 0.7

DEXUS Industrial Estate, 12-18 Distribution Drive, Laverton North VIC Melbourne, West Distribution centre

50% 21.5 Jul 02 $51.0 Jun 13 $51.0 9.00% 100% 8.8 4.9

DEXUS Industrial Estate, 25 Distribution Drive, Laverton North VIC Melbourne, West Industrial estate 100% 15.7 Jul 02 $13.0 8.25% 100% 1.0 1.0

DEXUS Industrial Estate, 27 Distribution Drive, Laverton North VIC Melbourne, West Industrial estate 50% 6.9 Jul 02 $6.5 Jun 13 $6.5 7.75% 100% 6.2 1.2

DEXUS Industrial Estate, 28 Distribution Drive, Laverton North VIC Melbourne, West Development site 50% Jul 02 $5.0 Jun 13 $5.0

DEXUS Industrial Estate, 30 Distribution Drive, Laverton North VIC Melbourne, West Development site 100% Jul 02 $8.3

Axxess Corporate Park, Corner Ferntree Gully & Gilby Roads, Mount Waverley

VIC Melbourne, South East Business park 100% 84.8 Oct 96 $187.6 Dec 12 $187.2 8.46% 99% 2.6 15.3


_52 Holbeche Road, Arndell Park_

_

_79-99 St Hilliers Road, Auburn_

_

_3 Brookhollow Avenue,Baulkham Hills_

_The property is located at the intersection ofHolbeche Road and Murtha Street at ArndellPark, an established industrial suburb locatedalong the M4 corridor within western Sydney.Arndell Park is approximately 10kms west ofParramatta and 35kms from the Sydney CBD.

_

St Hilliers Estate is situated on the southeastern side of Parramatta Rd and St HilliersRd at Auburn, approximately 20kms west ofthe Sydney CBD and 4kms south-east of theParramatta CBD. The estate is accessed byconvenient entry and exit points to the M4motorway.

_

This asset is located within the NorwestBusiness Park, a leading technology andbusiness park providing campus style office,high-technology and manufacturing-production facilities. It is located in closeproximity to the M7 motorway with extensivefrontage to both Norwest Boulevard andBrookhollow Avenue. _

_Details_Metro area Sydney, Outer West________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning 4(a) General Industrial________________________________________Year built 1995________________________________________Site area (hectares) 1.9________________________________________Lettable area ('000 m2) 9.6________________________________________Site coverage (%) 51________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 9.6________________________________________Office content (%) 6________________________________________Car parking 54________________________________________Major tenant DHL Exel Supply Chain (Aus)________________________________________Acquisition date Jul 1998________________________________________Book value $m $12.5________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $12.5________________________________________Market cap rate (%) 8.50________________________________________Initial yield (%) 8.74________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 1.1________________________________________2014 (%) 0________________________________________2015 (%) 100________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Inner West________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B6 Enterprise Corridor________________________________________Year built 1989________________________________________Site area (hectares) 3.5________________________________________Lettable area ('000 m2) 26.0________________________________________Site coverage (%) 74________________________________________Number of buildings 2________________________________________Number of units 15________________________________________Average unit size ('000 m2) 1.7________________________________________Office content (%) 42________________________________________Car parking 466________________________________________Major tenant Legrand Australia Pty Ltd________________________________________Acquisition date Sep 1997________________________________________Book value $m $35.4________________________________________Independent valuation date Dec 2011________________________________________Independent valuation $m $37.5________________________________________Market cap rate (%) 9.00________________________________________Initial yield (%) 7.66________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 80________________________________________Weighted lease term by income (year/s) 1.6________________________________________Available (%) 19________________________________________2014 (%) 35________________________________________2015 (%) 0________________________________________2016 (%) 21________________________________________2017 (%) 11________________________________________2018 (%) 14________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Data Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Employment area 10(a)________________________________________Year built 1995________________________________________Site area (hectares) 5.2________________________________________Lettable area ('000 m2) 13.4________________________________________Site coverage (%) 26________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 13.4________________________________________Office content (%) 10________________________________________Car parking 163________________________________________Major tenant IBM Australia Limited________________________________________Acquisition date Dec 2002________________________________________Book value $m $52.9________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $52.0________________________________________Market cap rate (%) 8.50________________________________________Initial yield (%) 9.09________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 5.3________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 100________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________



_1 Garigal Road, Belrose_

_

_2 Minna Close, Belrose_

_

_30-32 Bessemer Street,Blacktown_

_This property is situated on the south westerncorner of the intersection of Garigal Road andForest Way at Belrose within Austlink BusinessPark. Austlink Business Park is locatedapprox. 24kms north west of the Sydney CBD.

_

This property is located in the AustlinkBusiness Park in Belrose, 24kms north west ofthe Sydney CBD. It has access from MinnaClose and frontage to Mona Vale Road, amajor ring road from the northern suburbs ofSydney to the western and southern regions.

_

This property forms part of the establishedBlacktown Industrial precinct situated threekms north of the commercial/retail centre ofBlacktown. Bessemer Street extends off thewestern side of Sunnyholt Road whichprovides access to the M7 motorway, approx.2kms to the north.

__Details_Metro area Sydney, North________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B7 Business Park________________________________________Year built 1992________________________________________Site area (hectares) 2.6________________________________________Lettable area ('000 m2) 12.3________________________________________Site coverage (%) 48________________________________________Number of buildings 1________________________________________Number of units 2________________________________________Average unit size ('000 m2) 6.2________________________________________Office content (%) 47________________________________________Car parking 299________________________________________Acquisition date Dec 1998________________________________________Book value $m $16.3________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $16.3________________________________________Market cap rate (%) 10.00________________________________________Initial yield (%) 1.96________________________________________Discount rate (%) 10.00________________________________________Leased by area (%) 86________________________________________Weighted lease term by income (year/s) 8.7________________________________________Available (%) 17________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 83________________________________________

_Details_Metro area Sydney, North________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B7 Business Park________________________________________Year built 1993________________________________________Site area (hectares) 2.6________________________________________Lettable area ('000 m2) 13.4________________________________________Site coverage (%) 51________________________________________Number of buildings 1________________________________________Number of units 10________________________________________Average unit size ('000 m2) 1.3________________________________________Office content (%) 73________________________________________Car parking 419________________________________________Major tenant Getronics Australia Pty Ltd________________________________________Acquisition date Dec 1998________________________________________Book value $m $22.5________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $24.0________________________________________Market cap rate (%) 10.00________________________________________Initial yield (%) 9.70________________________________________Discount rate (%) 9.75________________________________________Leased by area (%) 87________________________________________Weighted lease term by income (year/s) 1.5________________________________________Available (%) 13________________________________________2014 (%) 3________________________________________2015 (%) 42________________________________________2016 (%) 42________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning General Industrial 4(a)________________________________________Year built 1980________________________________________Site area (hectares) 4.5________________________________________Lettable area ('000 m2) 14.7________________________________________Site coverage (%) 33________________________________________Number of buildings 4________________________________________Number of units 4________________________________________Average unit size ('000 m2) 3.7________________________________________Office content (%) 4________________________________________Car parking 185________________________________________Major tenant C & M Snackfoods________________________________________Acquisition date May 1997________________________________________Book value $m $15.7________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $16.3________________________________________Market cap rate (%) 9.25________________________________________Initial yield (%) 8.67________________________________________Discount rate (%) 10.00________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 7.2________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 100________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________


_2 Alspec Place, Eastern Creek_

_

_57-65 Templar Road, ErskinePark_

_

_145-151 Arthur Street,Flemington_

_This property comprises a modern warehouseand distribution facility located approximately1km south of the M7/M4 interchange. EasternCreek is recognised as the premier industriallogistics precinct in the Sydney metropolitanarea.

_

57-65 Templar Road, Erskine Park is anew 30,256sqm facility located in one ofSydney’s most recognised industrial precinctsof western Sydney. Erskine Park is ideallypositioned, 45kms west of the Sydney CBDand approximately 15kms west of theParramatta CBD.

_

Flemington is approximately 16kms west ofthe Sydney CBD and 8kms east ofParramatta's CBD. The property forms part ofan established inner west industrial precinctand has good exposure and access to ArthurStreet and major traffic arteries in westernSydney.

__Details_Metro area Sydney, Outer West________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Employment________________________________________Year built 2004________________________________________Site area (hectares) 2.6________________________________________Lettable area ('000 m2) 16.9________________________________________Site coverage (%) 65________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 16.9________________________________________Office content (%) 2________________________________________Car parking 144________________________________________Major tenant DHL Logistics________________________________________Acquisition date Mar 2004________________________________________Book value $m $24.9________________________________________Independent valuation date Dec 2011________________________________________Independent valuation $m $24.9________________________________________Market cap rate (%) 8.25________________________________________Initial yield (%) 9.62________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 1.8________________________________________2014 (%) 0________________________________________2015 (%) 100________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning IN1 General Industrial________________________________________Year built 2013________________________________________Site area (hectares) 6.3________________________________________Acquisition date Jun 2012________________________________________

_Details_Metro area Sydney, Inner West________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning IN1 General Industrial________________________________________Year built 1985________________________________________Site area (hectares) 3.2________________________________________Lettable area ('000 m2) 19.2________________________________________Site coverage (%) 60________________________________________Number of buildings 2________________________________________Number of units 10________________________________________Average unit size ('000 m2) 1.9________________________________________Office content (%) 56________________________________________Car parking 401________________________________________Major tenant AWA Limited________________________________________Acquisition date Sep 1997________________________________________Book value $m $27.6________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $28.0________________________________________Market cap rate (%) 8.75________________________________________Initial yield (%) 9.14________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 86________________________________________Weighted lease term by income (year/s) 1.9________________________________________Available (%) 12________________________________________2014 (%) 30________________________________________2015 (%) 25________________________________________2016 (%) 0________________________________________2017 (%) 33________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________



_436-484 Victoria Road,Gladesville_

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_1 Foundation Place, Greystanes_

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_Quarry Industrial Estate, 1Bellevue Circuit, Greystanes_

_This property is located in a prominentposition on the intersection of Victoria Roadand Tennyson Road, Gladesville, approx.10kms north west of the Sydney CBD and11kms east of the Parramatta CBD.

_

1 Foundation Place is located in theGreystanes business hub within closeproximity to major arterial routes, M4/M7motorways. Greystanes business hub is 6kmswest of Parramatta and 26kms west of theSydney CBD.

_

This development is located in the Quarry atGreystanes estate approx. 6kms west ofParramatta and 26kms west of the SydneyCBD. It has direct access to the M4/M7 andlinkages through to Wetherill Park andSmithfield. The building is due for completionin November 2013.

__Details_Metro area Sydney, North________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning IN2 Light Industrial________________________________________Year built 1991________________________________________Site area (hectares) 2.0________________________________________Lettable area ('000 m2) 19.7________________________________________Site coverage (%) 98________________________________________Number of buildings 2________________________________________Number of units 10________________________________________Average unit size ('000 m2) 2.0________________________________________Office content (%) 68________________________________________Car parking 414________________________________________Major tenant Spotless Services Australia________________________________________Acquisition date Sep 1997________________________________________Book value $m $40.8________________________________________Independent valuation date Dec 2011________________________________________Independent valuation $m $41.5________________________________________Market cap rate (%) 9.00________________________________________Initial yield (%) 10.02________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 90________________________________________Weighted lease term by income (year/s) 2.1________________________________________Available (%) 8________________________________________2014 (%) 44________________________________________2015 (%) 12________________________________________2016 (%) 7________________________________________2017 (%) 2________________________________________2018 (%) 24________________________________________2019 (%) 3________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning IN1 General Industrial________________________________________Year built 2004________________________________________Site area (hectares) 5.8________________________________________Lettable area ('000 m2) 30.8________________________________________Site coverage (%) 53________________________________________Number of buildings 4________________________________________Number of units 5________________________________________Average unit size ('000 m2) 6.2________________________________________Office content (%) 14________________________________________Car parking 278________________________________________Major tenant Hitachi Construction Machinery________________________________________Acquisition date Feb 2003________________________________________Book value $m $44.8________________________________________Independent valuation date Dec 2012________________________________________Independent valuation $m $44.8________________________________________Market cap rate (%) 8.25________________________________________Initial yield (%) 9.01________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 1.6________________________________________2014 (%) 28________________________________________2015 (%) 42________________________________________2016 (%) 15________________________________________2017 (%) 15________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Development Site________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning IN2 Light Industrial________________________________________Site area (hectares) 3.5________________________________________Major tenant Blackwoods________________________________________Acquisition date Dec 2007________________________________________Book value $m $7.6________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $5.2________________________________________



_

_Quarry Industrial Estate, 2-6Basalt Road, Greystanes_

_

_Quarry Industrial Estate, 20Reconciliation Road, Greystanes_

_2 Bellevue Circuit is located in the Quarry atGreystanes estate approx. 6kms west ofParramatta and 26kms west of the SydneyCBD. It has direct access to the M4/M7 andlinkages through to Wetherill Park andSmithfield. The building was completed inDecember 2012.

_

2-6 Basalt Road is located in the Quarry atGreystanes estate approx. 6kms west ofParramatta and 26kms west of the SydneyCBD. It has direct access to the M4/M7 andlinkages through to Wetherill Park andSmithfield. The building was completed inApril 2012.

_

This development is located in the Quarry atGreystanes estate which is approximately6kms west of Parramatta and 26kms west ofthe Sydney CBD with direct access to theM4/M7 and linkages through to Wetherill Parkand Smithfield. The building is due forcompletion in October 2013.

__Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning IN2 Light Industrial________________________________________Year built 2012________________________________________Site area (hectares) 2.5________________________________________Lettable area ('000 m2) 13.4________________________________________Lettable area adjusted ('000 m2) 6.7________________________________________Site coverage (%) 53________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 6.7________________________________________Office content (%) 3________________________________________Car parking 200________________________________________Major tenant Brady________________________________________Acquisition date Dec 2007________________________________________Book value $m $11.1________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $11.1________________________________________Market cap rate (%) 7.75________________________________________Initial yield (%) 7.96________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 9.5________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 100________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning IN2 Light Industrial________________________________________Year built 2012________________________________________Site area (hectares) 4.3________________________________________Lettable area ('000 m2) 23.3________________________________________Lettable area adjusted ('000 m2) 11.7________________________________________Site coverage (%) 55________________________________________Number of buildings 1________________________________________Number of units 2________________________________________Average unit size ('000 m2) 5.8________________________________________Office content (%) 5________________________________________Car parking 111________________________________________Major tenant Camerons________________________________________Acquisition date Dec 2007________________________________________Book value $m $15.9________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $15.9________________________________________Market cap rate (%) 8.00________________________________________Initial yield (%) 5.38________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 3.0________________________________________2014 (%) 26________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 74________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Development Site________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning IN2 Light Industrial________________________________________Site area (hectares) 1.8________________________________________Major tenant Roche Diagnostics________________________________________Acquisition date Dec 2007________________________________________Book value $m $5.1________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $1.6________________________________________



_Quarry Industrial Estate, 3 BasaltRoad, Greystanes_

_


_


_3 Basalt Road is located in the Quarry atGreystanes estate approx. 6kms west ofParramatta and 26kms west of the SydneyCBD. It has direct access to the M4/M7 andlinkages through to Wetherill Park andSmithfield. The building was completed inNovember 2012.

_

5 Basalt Road is located in the Quarry atGreystanes estate approx. 6kms west ofParramatta and 26kms west of the SydneyCBD. It has direct access to the M4/M7 andlinkages through to Wetherill Park andSmithfield. The building was completed in July2012.

_

5 Bellevue Circuit is located in the Quarry atGreystanes estate approx. 6kms west ofParramatta and 26kms west of the SydneyCBD. It has direct access to the M4/M7 andlinkages through to Wetherill Park andSmithfield. This was the second developmentat Quarry and was completed in December2010. _

_Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning IN2 Light Industrial________________________________________Year built 2012________________________________________Site area (hectares) 3.8________________________________________Lettable area ('000 m2) 18.2________________________________________Lettable area adjusted ('000 m2) 9.1________________________________________Site coverage (%) 44________________________________________Number of buildings 1________________________________________Number of units 4________________________________________Average unit size ('000 m2) 2.3________________________________________Office content (%) 15________________________________________Car parking 150________________________________________Major tenant Yusen________________________________________Acquisition date Dec 2007________________________________________Book value $m $13.7________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $13.7________________________________________Market cap rate (%) 7.75________________________________________Initial yield (%) 6.16________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 5.6________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 35________________________________________2019 (%) 22________________________________________2020 (%) 43________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning IN2 Light Industrial________________________________________Year built 2012________________________________________Site area (hectares) 1.2________________________________________Lettable area ('000 m2) 5.5________________________________________Lettable area adjusted ('000 m2) 2.7________________________________________Site coverage (%) 44________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 2.7________________________________________Office content (%) 7________________________________________Car parking 34________________________________________Major tenant UPS________________________________________Acquisition date Dec 2007________________________________________Book value $m $4.4________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $4.4________________________________________Market cap rate (%) 8.00________________________________________Initial yield (%) 7.86________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 6.5________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 100________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning IN2 Light Industrial________________________________________Year built 2010________________________________________Site area (hectares) 3.8________________________________________Lettable area ('000 m2) 17.3________________________________________Lettable area adjusted ('000 m2) 8.6________________________________________Site coverage (%) 46________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 8.6________________________________________Office content (%) 14________________________________________Car parking 243________________________________________Major tenant Symbion Health________________________________________Acquisition date Dec 2007________________________________________Book value $m $17.1________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $17.1________________________________________Market cap rate (%) 7.50________________________________________Initial yield (%) 7.59________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 12.7________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 100________________________________________



_


_

_Quarry Industrial Estate,Reconciliation Drive, Greystanes_

_6 Bellevue Circuit is located in the Quarry atGreystanes estate, approx. 6kms west ofParramatta and 26kms west of the SydneyCBD. It has direct access to the M4/M7 andlinkages through to Wetherill Park andSmithfield. This was the third development atQuarry and was completed in September2011. _

8 Basalt Road is located in the Quarry atGreystanes estate approx. 6kms west ofParramatta and 26kms west of the SydneyCBD. It has direct access to the M4/M7 andlinkages through to Wetherill Park andSmithfield. This was the first development atQuarry and was completed in August 2010.

_

Quarry at Greystanes is a development sitelocated to the south of the Greystanesbusiness hub. The remaining land fordevelopment extends to 10 hectares and is inclose proximity to the M4/M7 motorways.

__Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning IN2 Light Industrial________________________________________Year built 2011________________________________________Site area (hectares) 3.9________________________________________Lettable area ('000 m2) 17.0________________________________________Lettable area adjusted ('000 m2) 8.5________________________________________Site coverage (%) 44________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 8.5________________________________________Office content (%) 15________________________________________Car parking 115________________________________________Major tenant Fujitsu________________________________________Acquisition date Dec 2007________________________________________Book value $m $21.0________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $21.0________________________________________Market cap rate (%) 7.75________________________________________Initial yield (%) 7.82________________________________________Discount rate (%) 9.75________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 13.3________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 100________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning IN2 Light Industrial________________________________________Year built 2010________________________________________Site area (hectares) 3.1________________________________________Lettable area ('000 m2) 18.7________________________________________Lettable area adjusted ('000 m2) 9.3________________________________________Site coverage (%) 62________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 9.3________________________________________Office content (%) 3________________________________________Car parking 84________________________________________Major tenant Solaris Paper________________________________________Acquisition date Dec 2007________________________________________Book value $m $13.4________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $13.4________________________________________Market cap rate (%) 7.75________________________________________Initial yield (%) 7.79________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 7.2________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 100________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Land________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning IN2 Light Industrial________________________________________Site area (hectares) 10.4________________________________________Acquisition date Dec 2007________________________________________Book value $m $23.8________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $21.1________________________________________



_27-29 Liberty Road,Huntingwood_

_

_Kings Park Industrial Estate,Vardys Road, Marayong_

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_154 O'Riordan Street, Mascot_

_This property is located on the northern side ofLiberty Road in Huntingwood, a well-established industrial location home to anumber of major corporates. Huntingwood isin close proximity to the western Sydneyarterial road network being approximately twokms east of the M4/M7 interchange.

_

This large multi-unit industrial estate of69,000sqm, comprises nine office/warehousebuildings and a café. The buildings range from2,500-27,300sqm. The property is locatednear Marayong Railway Station and in closeproximity to the M7/M2 motorways and islinked to the M4 motorway via main arterialroads. _

This property is located in Mascot, anestablished industrial precinct approximately9kms from the Sydney CBD and close to keytransport hubs. The Sydney Kingsford SmithAirport is located 2kms south and Port Botanyis located approximately 5kms to the southeast.

__Details_Metro area Sydney, Outer West________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning 4(d) Huntingwood Industrial Zone________________________________________Year built 1996________________________________________Site area (hectares) 1.4________________________________________Lettable area ('000 m2) 6.8________________________________________Site coverage (%) 49________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 6.8________________________________________Office content (%) 19________________________________________Car parking 105________________________________________Major tenant Entertainment Distributors________________________________________Acquisition date Jul 1998________________________________________Book value $m $8.9________________________________________Independent valuation date Sep 2012________________________________________Independent valuation $m $8.8________________________________________Market cap rate (%) 8.50________________________________________Initial yield (%) 8.65________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 2.4________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 100________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Outer West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning 4(a) General Industrial________________________________________Year built 1985________________________________________Site area (hectares) 13.7________________________________________Lettable area ('000 m2) 68.9________________________________________Site coverage (%) 50________________________________________Number of buildings 10________________________________________Number of units 11________________________________________Average unit size ('000 m2) 6.3________________________________________Office content (%) 13________________________________________Car parking 484________________________________________Major tenant Visy Pet Pty Ltd________________________________________Acquisition date May 1990________________________________________Book value $m $91.9________________________________________Independent valuation date Dec 2012________________________________________Independent valuation $m $90.5________________________________________Market cap rate (%) 8.25________________________________________Initial yield (%) 8.86________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 3.1________________________________________2014 (%) 0________________________________________2015 (%) 42________________________________________2016 (%) 1________________________________________2017 (%) 48________________________________________2018 (%) 3________________________________________2019 (%) 6________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, South________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B5 Business Development________________________________________Year built 1985________________________________________Site area (hectares) 1.4________________________________________Lettable area ('000 m2) 8.2________________________________________Site coverage (%) 58________________________________________Number of buildings 3________________________________________Number of units 7________________________________________Average unit size ('000 m2) 1.2________________________________________Office content (%) 27________________________________________Car parking 130________________________________________Major tenant Gearhouse Broadcast Pty Ltd________________________________________Acquisition date Jun 1997________________________________________Independent valuation date Aug 2013________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 3.1________________________________________2014 (%) 20________________________________________2015 (%) 0________________________________________2016 (%) 65________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 15________________________________________2023+ (%) 0________________________________________


_2-4 Military Road, Matraville_

_

_25-55 Rothschild Avenue,Rosebery_

_

_5-15 Rosebery Avenue, Rosebery_

_This is a modern industrial estate comprisingtwo freestanding, high clearance industrialoffice/warehouse buildings. The buildingscover a total area of 30,200sqm on 5.4hectare site and are situated in close proximityto the expanding Port Botany seaportterminals.

_

This property provides excellent main roadexposure and three street frontages.Rothschild Avenue runs parallel to BotanyRoad, a major thoroughfare providing directaccess to the CBD. Conveniently located toSouthern Cross Drive, the Eastern Distributorand the Sydney Kingsford Smith Airport.

_

This property provides excellent main roadexposure and three street frontages. RoseberyAvenue runs parallel to Botany Road, a majorthoroughfare providing direct access to theCBD. Conveniently located to Southern CrossDrive, the Eastern Distributor and the SydneyKingsford Smith Airport.

__Details_Metro area Sydney, South________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning 4(a) Industrial________________________________________Year built 2000________________________________________Site area (hectares) 5.4________________________________________Lettable area ('000 m2) 30.2________________________________________Site coverage (%) 56________________________________________Number of buildings 2________________________________________Number of units 2________________________________________Average unit size ('000 m2) 15.1________________________________________Office content (%) 24________________________________________Car parking 384________________________________________Major tenant Salmat Business Pty Ltd________________________________________Acquisition date Dec 2009________________________________________Book value $m $55.7________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $52.9________________________________________Market cap rate (%) 8.00________________________________________Initial yield (%) 8.30________________________________________Discount rate (%) 9.25________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 5.2________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 61________________________________________2019 (%) 0________________________________________2020 (%) 39________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, South________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B4 Mixed Use________________________________________Year built 1984________________________________________Site area (hectares) 1.9________________________________________Lettable area ('000 m2) 16.8________________________________________Site coverage (%) 89________________________________________Number of buildings 1________________________________________Number of units 2________________________________________Average unit size ('000 m2) 8.4________________________________________Office content (%) 37________________________________________Car parking 71________________________________________Major tenant Commonwealth Aust AQIS________________________________________Acquisition date Oct 2001________________________________________Book value $m $34.3________________________________________Independent valuation date Dec 2012________________________________________Independent valuation $m $34.0________________________________________Market cap rate (%) 8.25________________________________________Initial yield (%) 9.30________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 3.7________________________________________2014 (%) 26________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 74________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, South________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning B4 Mixed Use________________________________________Year built 1986________________________________________Site area (hectares) 3.0________________________________________Lettable area ('000 m2) 27.3________________________________________Site coverage (%) 91________________________________________Number of buildings 3________________________________________Number of units 34________________________________________Average unit size ('000 m2) 0.8________________________________________Office content (%) 54________________________________________Car parking 407________________________________________Major tenant Trimex Pty Ltd________________________________________Acquisition date Apr 1998________________________________________Book value $m $58.7________________________________________Independent valuation date Dec 2010________________________________________Independent valuation $m $56.5________________________________________Market cap rate (%) 8.25________________________________________Initial yield (%) 8.22________________________________________Discount rate (%) 9.25________________________________________Leased by area (%) 99________________________________________Weighted lease term by income (year/s) 3.7________________________________________Available (%) 1________________________________________2014 (%) 11________________________________________2015 (%) 21________________________________________2016 (%) 11________________________________________2017 (%) 25________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 31________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________



_10-16 South Street, Rydalmere_

_

_Centrewest Industrial Estate,Silverwater Road, Silverwater_

_

_DEXUS Industrial Estate, EgertonStreet, Silverwater_

_This property is located towards the westernend of South Street, with the Parramatta Riverlocated at the southern boundary of theproperty. Rydalmere is an inner westernsuburb of Sydney located approximately 4kmsnorth of the M4 Motorway and 20kms west ofthe Sydney CBD.

_

This property is located on Silverwater Roadadjacent to DEXUS's Industrial Estate (EgertonStreet) and comprises a six building industrialestate with 12 individual units. Six of the unitsfront onto Silverwater Road with warehouseand parking access to the rear. Another fourunits front Vore Street at the rear.

_

This industrial estate is located on Egerton andFariola Street which are in close proximity toSilverwater Road. Silverwater is one ofSydney's premier inner west industrialprecincts with excellent access to majorarterial roads such as Victoria Road, the M4motorway and Parramatta Road.

__Details_Metro area Sydney, Inner West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning IN1 General Industrial________________________________________Year built 1980________________________________________Site area (hectares) 5.3________________________________________Lettable area ('000 m2) 34.9________________________________________Site coverage (%) 66________________________________________Number of buildings 6________________________________________Number of units 22________________________________________Average unit size ('000 m2) 1.6________________________________________Office content (%) 36________________________________________Car parking 476________________________________________Major tenant Payless ShoesSource Inc________________________________________Acquisition date Sep 1997________________________________________Book value $m $41.5________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $39.3________________________________________Market cap rate (%) 9.00________________________________________Initial yield (%) 6.46________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 93________________________________________Weighted lease term by income (year/s) 4.1________________________________________Available (%) 7________________________________________2014 (%) 6________________________________________2015 (%) 17________________________________________2016 (%) 18________________________________________2017 (%) 13________________________________________2018 (%) 12________________________________________2019 (%) 3________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 24________________________________________

_Details_Metro area Sydney, Inner West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning IN1 General Industrial________________________________________Year built 1988________________________________________Site area (hectares) 2.4________________________________________Lettable area ('000 m2) 17.8________________________________________Site coverage (%) 74________________________________________Number of buildings 6________________________________________Number of units 12________________________________________Average unit size ('000 m2) 1.5________________________________________Office content (%) 48________________________________________Car parking 270________________________________________Major tenant Christian City Church________________________________________Acquisition date May 2010________________________________________Book value $m $23.4________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $23.4________________________________________Market cap rate (%) 8.75________________________________________Initial yield (%) 9.30________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 2.8________________________________________2014 (%) 43________________________________________2015 (%) 0________________________________________2016 (%) 23________________________________________2017 (%) 0________________________________________2018 (%) 10________________________________________2019 (%) 0________________________________________2020 (%) 12________________________________________2021 (%) 0________________________________________2022 (%) 12________________________________________2023+ (%) 0________________________________________

_Details_Metro area Sydney, Inner West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning IN1 General Industrial________________________________________Year built 1969________________________________________Site area (hectares) 8.8________________________________________Lettable area ('000 m2) 23.4________________________________________Site coverage (%) 27________________________________________Number of buildings 9________________________________________Number of units 9________________________________________Average unit size ('000 m2) 2.6________________________________________Office content (%) 35________________________________________Car parking 290________________________________________Major tenant Enersys Australia Pty Ltd________________________________________Acquisition date May 1997________________________________________Book value $m $36.6________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $35.0________________________________________Market cap rate (%) 8.75________________________________________Initial yield (%) 8.66________________________________________Discount rate (%) 9.61________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 3.2________________________________________2014 (%) 22________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 47________________________________________2018 (%) 21________________________________________2019 (%) 10________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________


_12 Frederick Street, St Leonards_

_

_30 Bellrick Street, Acacia Ridge_

_

_57-101 Balham Road,Archerfield_

_This estate includes 13 office/warehouse unitsproviding approximately 19,300sqm. FrederickStreet is located in the St Leonards/Artarmonindustrial precinct 6kms north of the SydneyCBD. The units offer modern suits rangingbetween 900-2,050sqm.

_

This industrial estate is located on thesouthern side of Bellrick Street in AcaciaRidge which offers good access to majorarterial roads and has direct rail access to QRNational's intermodal rail terminal. The estateis located 13kms south of the Brisbane CBD.

_

This property comprises a multi-unit estatelocated within the industrial precinct ofArcherfield, approximately 14kms south of theBrisbane CBD. The estate providesapproximately 24,4000sqm across sevenfreestanding buildings with 12 separate units.

__Details_Metro area Sydney, North________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning IN1 General Industrial________________________________________Year built 1974________________________________________Site area (hectares) 2.5________________________________________Lettable area ('000 m2) 19.3________________________________________Site coverage (%) 77________________________________________Number of buildings 1________________________________________Number of units 13________________________________________Average unit size ('000 m2) 1.5________________________________________Office content (%) 29________________________________________Car parking 357________________________________________Major tenant R Weatherdon & Co________________________________________Acquisition date Jul 2000________________________________________Book value $m $34.6________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $33.5________________________________________Market cap rate (%) 8.75________________________________________Initial yield (%) 8.28________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 89________________________________________Weighted lease term by income (year/s) 2.4________________________________________Available (%) 10________________________________________2014 (%) 9________________________________________2015 (%) 27________________________________________2016 (%) 29________________________________________2017 (%) 9________________________________________2018 (%) 9________________________________________2019 (%) 7________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Brisbane________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning General Industry________________________________________Year built 1988________________________________________Site area (hectares) 3.5________________________________________Lettable area ('000 m2) 17.8________________________________________Site coverage (%) 51________________________________________Number of buildings 5________________________________________Number of units 3________________________________________Average unit size ('000 m2) 5.9________________________________________Office content (%) 9________________________________________Car parking 100________________________________________Major tenant Twentieth Superspace________________________________________Acquisition date Jun 1997________________________________________Book value $m $20.9________________________________________Independent valuation date Sep 2012________________________________________Independent valuation $m $20.6________________________________________Market cap rate (%) 9.25________________________________________Initial yield (%) 6.12________________________________________Discount rate (%) 10.00________________________________________Leased by area (%) 73________________________________________Weighted lease term by income (year/s) 2.4________________________________________Available (%) 26________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 74________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Brisbane________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning General Industry________________________________________Year built 1981________________________________________Site area (hectares) 4.5________________________________________Lettable area ('000 m2) 24.4________________________________________Site coverage (%) 55________________________________________Number of buildings 7________________________________________Number of units 12________________________________________Average unit size ('000 m2) 2.0________________________________________Office content (%) 8________________________________________Major tenant Austral Bronze Crane Copper________________________________________Acquisition date Nov 2010________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 2.3________________________________________2014 (%) 7________________________________________2015 (%) 41________________________________________2016 (%) 34________________________________________2017 (%) 0________________________________________2018 (%) 18________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________



_131 Mica Street, Carole Park_

_

_163-183 Viking Drive, Wacol_

_

_25 Donkin Street, West EndBrisbane_

_A modern industrial warehouse facility situated23kms south west of the Brisbane CBD.Carole Park benefits from close proximity tothe Formation Street interchange with theLogan Motorway.

_

The Wacol industrial estate is a premierindustrial development in the western corridorof Brisbane. The 25,843sqm facility is locatedat the western end of the Logan Motorway atthe junction with the Ipswich Motorway,providing excellent arterial road connectionthroughout metropolitan Brisbane and southeast Queensland. _

This complex is located in the inner city, southside suburb of West End, 2kms south west ofthe Brisbane CBD. The immediate areacomprises high-tech office/warehousedevelopments together with traditionalindustrial premises and medium-high densityresidential complexes.

__Details_Metro area Brisbane________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Regional Business and Industry________________________________________Year built 2006________________________________________Site area (hectares) 2.72________________________________________Lettable area ('000 m2) 13.3________________________________________Site coverage (%) 49________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 13.3________________________________________Major tenant Blackwoods________________________________________Acquisition date Jan 2013________________________________________Book value $m $22.3________________________________________Independent valuation date Jan 2013________________________________________Independent valuation $m $21.0________________________________________Market cap rate (%) 7.50________________________________________Initial yield (%) 7.28________________________________________Discount rate (%) 9.25________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 14.5________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 100________________________________________

_Details_Metro area Brisbane________________________________________Building type Development Site________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning General Industry________________________________________Site area (hectares) 4.8________________________________________Acquisition date Nov 2011________________________________________

_Details_Metro area Brisbane________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning MP2 (multi-purpose mixed-use) & HR (high

density residential)________________________________________Year built 1987________________________________________Site area (hectares) 1.7________________________________________Lettable area ('000 m2) 10.9________________________________________Site coverage (%) 64________________________________________Number of buildings 3________________________________________Number of units 28________________________________________Average unit size ('000 m2) 0.4________________________________________Office content (%) 67________________________________________Car parking 203________________________________________Major tenant Datacom Systems________________________________________Acquisition date Dec 1998________________________________________Book value $m $28.5________________________________________Independent valuation date Dec 2010________________________________________Independent valuation $m $27.0________________________________________Market cap rate (%) 8.75________________________________________Initial yield (%) 8.03________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 77________________________________________Weighted lease term by income (year/s) 1.9________________________________________Available (%) 21________________________________________2014 (%) 23________________________________________2015 (%) 16________________________________________2016 (%) 13________________________________________2017 (%) 11________________________________________2018 (%) 9________________________________________2019 (%) 7________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________


_15-23 Whicker Road, Gillman_

_

_Target Distribution Centre, 30-68Taris Avenue, Altona North_

_

_114 Fairbank Road, Clayton_

_This property is situated within an establishedindustrial precinct in the north-western suburbof Gillman, approximately 12kms from theAdelaide CBD. Transport to the CBD is via themajor transport corridors of the GrandJunction Road and Port Road.

_

This distribution warehouse was purpose builtfor Target and is located in close proximity tothe Western Ring Road and West GateFreeway with the Melbourne CBDapproximately 12kms to the east.

_

This property is located in the Claytonindustrial precinct, an established well-regarded industrial location approximately20kms south east of the Melbourne CBD. It isserviced by major road networks including theMonash Freeway and Dandenong Road to theeast of the property.

__Details_Metro area Adelaide________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning General Industry 2________________________________________Year built 1970________________________________________Site area (hectares) 9.7________________________________________Lettable area ('000 m2) 74.2________________________________________Site coverage (%) 76________________________________________Number of buildings 2________________________________________Number of units 2________________________________________Average unit size ('000 m2) 37.1________________________________________Office content (%) 0________________________________________Major tenant ACI Operations________________________________________Acquisition date Dec 2002________________________________________Book value $m $29.1________________________________________Independent valuation date Sep 2012________________________________________Independent valuation $m $28.8________________________________________Market cap rate (%) 11.00________________________________________Initial yield (%) 8.64________________________________________Discount rate (%) 11.00________________________________________Leased by area (%) 76________________________________________Weighted lease term by income (year/s) 2.0________________________________________Available (%) 22________________________________________2014 (%) 0________________________________________2015 (%) 14________________________________________2016 (%) 43________________________________________2017 (%) 21________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Melbourne, West________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning Special Use Zone 4________________________________________Year built 1996________________________________________Site area (hectares) 10.2________________________________________Lettable area ('000 m2) 41.4________________________________________Lettable area adjusted ('000 m2) 20.7________________________________________Site coverage (%) 20________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 20.7________________________________________Office content (%) 5________________________________________Car parking 210________________________________________Major tenant Target Australia Pty Ltd________________________________________Acquisition date Oct 1995________________________________________Book value $m $16.3________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $16.3________________________________________Market cap rate (%) 8.75________________________________________Initial yield (%) 10.34________________________________________Discount rate (%) 9.75________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 3.8________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 100________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Melbourne, South East________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Industrial 1________________________________________Year built 1986________________________________________Site area (hectares) 3.6________________________________________Lettable area ('000 m2) 18.6________________________________________Site coverage (%) 52________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 18.6________________________________________Office content (%) 3________________________________________Car parking 12________________________________________Major tenant Annex Holdings Pty Ltd________________________________________Acquisition date Jul 1997________________________________________Book value $m $15.4________________________________________Independent valuation date Mar 2013________________________________________Independent valuation $m $15.4________________________________________Market cap rate (%) 9.00________________________________________Initial yield (%) 8.84________________________________________Discount rate (%) 9.75________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 6.3________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 100________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________



_DEXUS Industrial Estate, PoundRoad West, Dandenong South_

_

_Knoxfield Industrial Estate,Henderson Road, Knoxfield_

_

_250 Forest Road South, Lara_

_This property is located in the south east ofMelbourne, approximately 36kms from theCBD. The property has excellent access to theSouth Gippsland Freeway (Monash Freeway),South Gippsland Highway and the Eastlink.

_

This property consists of twooffice/warehouses in the established industrialprecinct of Knoxfield approximately 25kmssouth east of Melbourne. The estate is welllocated with the recently extended Eastlink3kms to the west.

_

This property is located at Lara, between theports of Melbourne and Geelong approximately57kms south-west of Melbourne and 10kmsnorth of Geelong. The property comprises fourwarehouse buildings and a railway spur alongthe southern boundary.

__Details_Metro area Melbourne, South East________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Business 3________________________________________Year built 2001________________________________________Site area (hectares) 16.2________________________________________Lettable area ('000 m2) 79.8________________________________________Site coverage (%) 49________________________________________Number of buildings 7________________________________________Number of units 7________________________________________Average unit size ('000 m2) 11.4________________________________________Office content (%) 9________________________________________Car parking 191________________________________________Major tenant L oreal Australia Pty Ltd________________________________________Acquisition date Jan 2004________________________________________Book value $m $70.8________________________________________Independent valuation date Dec 2012________________________________________Independent valuation $m $71.4________________________________________Market cap rate (%) 8.58________________________________________Initial yield (%) 9.19________________________________________Discount rate (%) 9.98________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 3.6________________________________________2014 (%) 0________________________________________2015 (%) 57________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 21________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 8________________________________________2022 (%) 14________________________________________2023+ (%) 0________________________________________

_Details_Metro area Melbourne, South East________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Industrial 1________________________________________Year built 1990________________________________________Site area (hectares) 7.4________________________________________Lettable area ('000 m2) 49.0________________________________________Site coverage (%) 66________________________________________Number of buildings 2________________________________________Number of units 2________________________________________Average unit size ('000 m2) 24.5________________________________________Office content (%) 3________________________________________Car parking 275________________________________________Major tenant Toll Transport Pty Ltd________________________________________Acquisition date Aug 1996________________________________________Book value $m $37.6________________________________________Independent valuation date Jun 2011________________________________________Independent valuation $m $37.6________________________________________Market cap rate (%) 8.75________________________________________Initial yield (%) 8.99________________________________________Discount rate (%) 9.75________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 2.2________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 100________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Melbourne, South West________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Industrial 2________________________________________Year built 1985________________________________________Site area (hectares) 24.6________________________________________Lettable area ('000 m2) 117.3________________________________________Site coverage (%) 48________________________________________Number of buildings 4________________________________________Number of units 4________________________________________Average unit size ('000 m2) 29.3________________________________________Office content (%) 1________________________________________Car parking 122________________________________________Major tenant AWH Pty Ltd________________________________________Acquisition date Dec 2002________________________________________Book value $m $54.5________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $52.3________________________________________Market cap rate (%) 9.00________________________________________Initial yield (%) 8.82________________________________________Discount rate (%) 10.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 10.0________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 100________________________________________


_DEXUS Industrial Estate, 12-18Distribution Drive, Laverton North_

_

_DEXUS Industrial Estate, 2-10Distribution Drive, Laverton North_

_

_DEXUS Industrial Estate, 25Distribution Drive, Laverton North_

_This chilled distribution facility is in the DEXUSIndustrial Estate at Laverton North. The facilityis in close proximity to major transportinfrastructure including the Western RingRoad, Princess Freeway, Westgate Freewayand the Deer Park Bypass.

_

This property is located in Laverton North,approximately 17kms to the west ofMelbourne's CBD and Ports. The site is inclose proximity to the Western Ring Roadwhich is accessed via the interchange atBoundary Road and the interchange atFitzgerald Road.

_


__Details_Metro area Melbourne, West________________________________________Building type Distribution Centre________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning Industrial 2________________________________________Year built 2007________________________________________Site area (hectares) 16.6________________________________________Lettable area ('000 m2) 43.0________________________________________Lettable area adjusted ('000 m2) 21.5________________________________________Site coverage (%) 26________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 21.5________________________________________Office content (%) 11________________________________________Major tenant Coles Myer Limited________________________________________Acquisition date Jul 2002________________________________________Book value $m $51.0________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $51.0________________________________________Market cap rate (%) 9.00________________________________________Initial yield (%) 8.99________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 8.8________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 100________________________________________2023+ (%) 0________________________________________

_Details_Metro area Melbourne, West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning Industrial 2________________________________________Year built 2012________________________________________Site area (hectares) 3.7________________________________________Lettable area ('000 m2) 17.5________________________________________Lettable area adjusted ('000 m2) 8.7________________________________________Site coverage (%) 48________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 8.7________________________________________Office content (%) 3________________________________________Major tenant Fastline________________________________________Acquisition date Jul 2002________________________________________Book value $m $8.0________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $8.0________________________________________Market cap rate (%) 8.25________________________________________Initial yield (%) 8.50________________________________________Discount rate (%) 9.25________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 3.4________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 100________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Melbourne, West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Industrial 2________________________________________Year built 2012________________________________________Site area (hectares) 3.3________________________________________Lettable area ('000 m2) 15.7________________________________________Site coverage (%) 48________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 15.7________________________________________Office content (%) 5________________________________________Major tenant ACFS________________________________________Acquisition date Jul 2002________________________________________Book value $m $13.0________________________________________Independent valuation date Aug 2013________________________________________Market cap rate (%) 8.25________________________________________Initial yield (%) 8.73________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 1.0________________________________________2014 (%) 100________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 0________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________




_

_DEXUS Industrial Estate,Boundary Road, Laverton North_

_

_DEXUS Industrial Estate,Boundary Road, Laverton North_

_This property is located in Laverton North,approximately 17kms to the west ofMelbourne's CBD and Ports. The site is inclose proximity to the Western Ring Roadwhich is accessed via the interchange atBoundary Road and the interchange atFitzgerald Road.

_

This land is located in Laverton North,approximately 17kms to the west ofMelbourne's CBD and Ports. The site is inclose proximity to the Western Ring Roadwhich is accessed via the interchange atBoundary Road and the interchange atFitzgerald Road.

_


__Details_Metro area Melbourne, West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning Industrial 2________________________________________Year built 2012________________________________________Site area (hectares) 2.5________________________________________Lettable area ('000 m2) 13.8________________________________________Lettable area adjusted ('000 m2) 6.9________________________________________Site coverage (%) 54________________________________________Number of buildings 1________________________________________Number of units 1________________________________________Average unit size ('000 m2) 6.9________________________________________Office content (%) 6________________________________________Major tenant Toll Transport Pty Ltd________________________________________Acquisition date Jul 2002________________________________________Book value $m $6.5________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $6.5________________________________________Market cap rate (%) 7.75________________________________________Initial yield (%) 8.08________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 6.2________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 0________________________________________2018 (%) 0________________________________________2019 (%) 0________________________________________2020 (%) 100________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________

_Details_Metro area Melbourne, West________________________________________Building type Land________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Industrial 2________________________________________Site area (hectares) 62.1________________________________________Acquisition date Jul 2002________________________________________Book value $m $9.0________________________________________Independent valuation date Jun 2012________________________________________Independent valuation $m $7.9________________________________________

_Details_Metro area Melbourne, West________________________________________Building type Industrial Estate________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning Industrial 2________________________________________Year built 2005________________________________________Site area (hectares) 19.3________________________________________Lettable area ('000 m2) 86.7________________________________________Lettable area adjusted ('000 m2) 43.3________________________________________Site coverage (%) 45________________________________________Number of buildings 5________________________________________Number of units 4________________________________________Average unit size ('000 m2) 10.8________________________________________Office content (%) 6________________________________________Major tenant Foster`s Australia Ltd________________________________________Acquisition date Jul 2002________________________________________Book value $m $37.9________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $37.9________________________________________Market cap rate (%) 8.21________________________________________Initial yield (%) 7.40________________________________________Discount rate (%) 9.25________________________________________Leased by area (%) 100________________________________________Weighted lease term by income (year/s) 4.9________________________________________2014 (%) 0________________________________________2015 (%) 0________________________________________2016 (%) 0________________________________________2017 (%) 10________________________________________2018 (%) 46________________________________________2019 (%) 17________________________________________2020 (%) 27________________________________________2021 (%) 0________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________



_


_

_Axxess Corporate Park, CornerFerntree Gully & Gilby Roads,Mount Waverley_ _

This development is located in Laverton North,approximately 17kms to the west ofMelbourne's CBD and Ports. The site is inclose proximity to the Western Ring Roadwhich is accessed via the interchange atBoundary Road and the interchange atFitzgerald Road. The building is due forcompletion in July 2013. _

This development is located in Laverton North,approximately 17kms to the west ofMelbourne's CBD and Ports. The site is inclose proximity to the Western Ring Roadwhich is accessed via the interchange atBoundary Road and the interchange atFitzgerald Road. The building is due forcompletion in July 2013. _

Axxess provides a combination of freestandingoffice buildings and traditional industrialoffice/warehouse units fronting onto Forsterand Gilby Roads. The estate provides smallerunits up to 1,000sqm plus modernoffice/warehouses up to 6,000sqm.

__Details_Metro area Melbourne, West________________________________________Building type Development Site________________________________________Title Freehold________________________________________Ownership DXS 50________________________________________Co-owner AIP________________________________________Zoning Industrial 2________________________________________Site area (hectares) 2.4________________________________________Acquisition date Jul 2002________________________________________Book value $m $5.0________________________________________Independent valuation date Jun 2013________________________________________Independent valuation $m $5.0________________________________________

_Details_Metro area Melbourne, West________________________________________Building type Development Site________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Industrial 2________________________________________Site area (hectares) 2.4________________________________________Major tenant Toll Transport________________________________________Acquisition date Jul 2002________________________________________

_Details_Metro area Melbourne, South East________________________________________Building type Business Park________________________________________Title Freehold________________________________________Ownership DXS 100________________________________________Zoning Business 3 Zone________________________________________Year built 1980________________________________________Site area (hectares) 19.6________________________________________Lettable area ('000 m2) 84.8________________________________________Site coverage (%) 44________________________________________Number of buildings 29________________________________________Number of units 119________________________________________Average unit size ('000 m2) 0.7________________________________________Office content (%) 25________________________________________Car parking 1240________________________________________Major tenant Jemena Ltd________________________________________Acquisition date Oct 1996________________________________________Book value $m $187.6________________________________________Independent valuation date Dec 2012________________________________________Independent valuation $m $187.2________________________________________Market cap rate (%) 8.46________________________________________Initial yield (%) 8.23________________________________________Discount rate (%) 9.50________________________________________Leased by area (%) 99________________________________________Weighted lease term by income (year/s) 2.6________________________________________Available (%) 2________________________________________2014 (%) 28________________________________________2015 (%) 10________________________________________2016 (%) 23________________________________________2017 (%) 11________________________________________2018 (%) 8________________________________________2019 (%) 14________________________________________2020 (%) 0________________________________________2021 (%) 4________________________________________2022 (%) 0________________________________________2023+ (%) 0________________________________________




DIRECTORY

DEXUS Diversified Trust ARSN 089 324 541

DEXUS Industrial TrustARSN 090 879 137

DEXUS Office TrustARSN 090 768 531

DEXUS Operations TrustARSN 110 521 223

Responsible Entity

DEXUS Funds Management LimitedABN 24 060 920 783AFSL 238163

Registered office of Responsible Entity

Level 25, Australia Square264-278 George StreetSydney NSW 2000

PO Box R1822Royal ExchangeSydney NSW 1225

Phone: +61 2 9017 1100Fax: +61 2 9017 1101Email: [email protected]: www.dexus.com

Investor enquiries

Infoline: 1800 819 675Investor Relations: +61 2 9017 1330Email: [email protected]: www.dexus.com

Security registry

Link Market Services LimitedLevel 12, 680 George StreetSydney NSW 2000Locked Bag A14Sydney South NSW 1235

Registry Infoline: 1800 819 675Fax: +61 2 9287 0303Email: [email protected]: www.linkmarketservices.com.au

Monday to Friday between 8.30amand 5.30pm (Sydney time)

For enquiries regarding your holding you can either contact the Security Registry, or access your holding details via the Login area on our website www.dexus.com

Australian Securities Exchange

ASX code: DXS

DEXUS IR App

Download the DEXUS IR App to your preferred mobile device to gain instant access to the latest stock price, ASX Announcements, presentations, reports, webcasts and more.

www.dexus.com

Property expertise.Institutional rigour.Entrepreneurial spirit.

dexus property group (asx: dxs) · 2016-06-23 · dexus property group (asx: dxs) asx release 19...

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