The deal follows on from M&G Real Estate’s A$109.5m acquisition of a 25% stake in Coca-Cola’s Sydney headquarters from South Korea’s National Pension Service earlier this week, according to local media.
The purchase price of the Dexus partnership was not disclosed, however the company’s website values the partnership at about A$200m.
Dexus and Future Fund established the partnership in June 2014 and seeded the JV with a prime warehouse development site in the Sydney suburb of Greystanes.
“We are delighted to welcome M&G Real Estate onto our funds management platform and look forward to facilitating their industrial property growth mandate, while continuing the Partnership’s strong performance since inception,” said Deborah Coakley, executive general manager, funds management at Dexus.
M&G Real Estate has €31.7bn (US$36bn) of assets under management.
Dexus is an Australian real estate company with A$27.2bn of AUM.